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The CEO of the cryptocurrency exchange FTX â Sam Bankman-Fried â said the venture capital arm of his company (FTX Ventures) will not merge with the principal trading firm Alameda Research.
This comes as the latterâs Co-CEO resigned earlier this week.
- Bloomberg reported recently that FTX Ventures will absorb the operations of Alameda Research, both of which entities were founded by SBF.
- However, in a recent tweet, the 30-year-old billionaire denied those rumors, classifying them as a âbig misrepresentation.â
this seems like a big misrepresentation to me!
FTX has been doing more venture recently, and I guess maybe Alameda has been doing less? Thatâs a really different thing than what the headline implies! https://t.co/qQUCOHtIUg
â SBF (@SBF_FTX) August 25, 2022
- He then explained that the line was âmisinterpretedâ since FTX Venturesâ and Alameda Researchâs operations are not entirely the same.
- It is worth noting that both companies have provided financial help to troubled cryptocurrency participants during the ongoing bear market.
- In June, BlockFi secured a revolving credit worth $250 million from FTX, while Alameda Research provided Voyager Digital with $200 million in cash and $300 million worth of digital currencies.
- Yesterday (August 25), Alamedaâs Co-CEO â Sam Trabucco â announced he will resign from his post after staying in that position for over three years. Despite his departure, he vowed to stay connected to the cryptocurrency sector:
âI canât 100% remove myself from crypto without going into withdrawal, so Iâll probably still be around here to some extent. I donât currently have other âprojectsâ lined up or anything, but I wouldnât rule anything out in the future once I feel more ârecovered.â
The post FTX Ventures Will Not Merge With Alameda Research, SBF Says appeared first on CryptoPotato.
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