2022 – FTX considers acquisitions for regulatory licenses and more CoinQuora users

FTX is studying acquisitions for government licenses and more users

  • FTX US is looking for acquisitions with companies in the market for licenses and more users.
  • Brett Harrison, president of FTX in the US, said the company “is in a very good position both in terms of capital and cash.”
  • The exchange is just one of the few crypto giants that are exploring mergers and acquisitions for business growth.

Crypto exchange FTX US is scanning the global market for potential partnerships or acquisitions with local companies to secure regulatory licenses and expand its user base.

In an exclusive conversation with CNBC last week, US FTX President Brett Harrison revealed that the crypto exchange is financially able to engage in mergers and acquisitions (M&A).

We are very well positioned in terms of capital and cash and would like to be able to use that cash to enhance our existing business, adequately fund our clearinghouse for our derivatives activities and possibly market after potential mergers to surf and acquire opportunities.

Discussing FTX US’s merger and acquisition strategy, Harrison added that the company is looking for companies to help it grow its user account. Notably, FTX has acquired an app called Blockfolio which has enabled millions of users to track crypto. FTX has acquired the company and taken over the platform’s user base.

Additionally, Harrison stated that FTX also intends to obtain regulatory licenses through mergers and acquisitions. As an example, he cited FTX’s acquisition of the LedgerX futures exchange. At the time, LedgerX had several licenses from US regulators, including the Commodity Futures Trading Commission.

โ€œFor you to have this [licenses] โ€œThe acquisition has given us a head start in the process,โ€ Harrison said. We do [this] All over the world, in places like Japan, Australia, Dubai – different places where we can either work with local companies or sometimes make acquisitions to get the licenses we need.โ€

FTX US is just one of the few crypto giants who are considering buying other companies to help grow their business.

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