Crypto News

Crypto Exchange FTX is Exploring a Robinhood Buyout: Sources

Sam Bankman-Fried (SBF)’s crypto alternate FTX is analyzing pathways by which it might probably purchase Robinhood, in line with individuals with information of the matter.

  • As reported by Bloomberg on Monday, FTX is having inner deliberations on the way it can purchase out the brokerage app.
  • The supply of the knowledge selected to stay nameless, as this matter is not public but. FTX is additionally but to formally method Robinhood with a suggestion.
  • The alternate should still decide out of the deal, as no last choices have been made.
  • Robinhood is an app that grants customers commission-free stock and cryptocurrency trades. It has since introduced its upcoming NFT and Defi appropriate non-custodial pockets, following plans for a lightning community pockets revealed in April.
  • Robinhood grew massively in recognition through the 2021 Dogecoin growth, and presently holds round one-third of all circulating DOGE.
  • However, the company was compelled to put off 9% of its full-time staff in April attributable to overhiring through the earlier year. Multiple different crypto corporations have since been compelled into the identical position, whereas others face attainable insolvency.
  • Meanwhile, SBF has positioned himself as a market savior at the moment, providing to bailout corporations like BlockFi and Voyager at FTX and Alameda Research respectively.
  • SBF already acquired a 7.6% stake in Robinhood in May, after which HOOD’s value soared.
  • The billionaire mentioned on the time that Robinhood was an “attractive investment,” however that he had no intention of “changing or influencing” the company.

 

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