Ripple Interested in Purchasing FTX-Affiliated Companies

PersonOutlineIconUPYO.comCalendarTodayIcon November 20, 2022AccessTimeIcon 3 Mins Read
PersonOutlineIconUPYO.comCalendarTodayIcon November 20, 2022AccessTimeIcon Mins Read
Ripple

Ripple

Ripple Labs, an American technology company, voiced its interest in purchasing companies owned by FTX after being collapsed.

This announcement was made by Ripple CEO Brad Garlinghouse on the fringe of Ripple’s Swell conference, held in London on November 16 and 17, according to Coin Telegraph.

Garlinghouse told the Sunday Times that before the bankruptcy of FTX, former FTX CEO Sam Bankman-Fried asked Garlinghouse in a phone call to buy some of the FTX-owned businesses that served business customers.

“Part of my conversation was if he needs liquidity, maybe there are businesses that he has bought or he has that we would want to own […] Would we have bought some of those from him? I definitely think that was on the table,” Garlinghouse said.

Although he admitted that FTX filing for bankruptcy would make any deal different now, Ripple is still interested in buying some of FTX’s assets. It is worth noting that FTX had about 100 affiliated companies.

Ripple is also interested in hiring FTX employees. In a tweet, Ripple’s Chief Technology Officer David Schwartz said his company opens its doors to FTX employees who are not involved in compliance, finance, or business ethics.

Also, it is worth mentioning that Ripple XRP is one of 10 cryptocurrencies that had not been impacted by the FTX collapse, unlike Bitcoin and Ethereum.

XRP (XRP) is a digital asset with a market capitalization of $19.9B. XRP comes in seventh place in the global cryptocurrency rating with an average daily trading volume of $683.7 million. Currently, it is priced at $0.37.

From November 11 to 14, three crypto firms announced massive losses due to the FTX collapse. These firms are Galois Capital, New Huo Technology, and Nestcoin. The three firms’ losses are estimated at more than $68.1 million, according to Cointelegraph.

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