In recent years, Sam Bankman-Fried has grown to be a highly influential personality in the world of the crypto-blockchain industry.
However, his aim is limited to not just the crypto-blockchain sector but to expand crypto-blockchain adoption in the mainstream industry.
Sam Bankman-Fried is known prominently for being the founder of the FTX cryptocurrency exchange. Sam Bankman-Fried also founded FTX Ventures in order to invest in cryptocurrency and business expansion ventures.
Bankman-Fried is determined to bring more investors and masses to the world of cryptocurrencies. To achieve the goal, Bankman-Fried is forming multiple partnerships with both crypto and non-crypto firms.
Sam Bankman-Fried has been expanding his business and bringing more exposure to the crypto-verse through FTX Ventures.
FTX Ventures’ Recent Endeavor
The latest endeavor of FTX Ventures is the acquisition of a stake in SkyBridge Capital, an alternative asset manager.
FTX Ventures has announced that they have formed a deal with SkyBridge Capital. As part of the deal, FTX Ventures will be acquiring a 30% stake in SkyBridge Capital.
The venture firm owned by Bankman-Fried announced on September 9 that they had partnered with SkyBridge Capital.
Not much has been shared by either of the parties surrounding the complete nature or terms of the deal.
FTX Ventures Acquired $40 Million worth of Stake
FTX Ventures has reportedly acquired $40 million worth of stake at SkyBridge Capital, translating to the capital firm’s 30% ownership.
SkyBridge Capital executives claim they will use the funds from the proceedings will be used for purchasing cryptocurrencies.
The firm aims to buy and hold the cryptocurrencies for a long term in the form of a long-term investment.
Comments by Anthony Scaramucci
Anthony Scaramucci, the founder and managing partner at SkyBridge Capital commented on their recent deal with FTX Ventures.
According to Scaramucci, there are not many investors on the outside that who want to interact and collaborate. However, FTX Ventures is an exception and is among the outside investors they want to interact with.
Scaramucci went on to state that their recent partnership with FTX Ventures is not going to pose any impact on the business activities that take place daily.
Similarly, their business strategy would remain the same and they will continue operating the same way they have in the past. They have always tried to operate as a diversified asset firm and they want to keep things the same way.
SkyBridge is a major asset firm that is responsible for managing $2.5 billion worth of assets. Among these assets, the value of digital assets is worth $800 million.
Apart from SkyBridge, FTX Ventures has carried out stake acquisitions in multiple businesses. Some of the major companies include BlockFi and Robinhood.
