What does Ripple’s FTX plan include? The San Francisco firm plans to buy the assets of the failed FTX exchange. Ripple FTX.
San Francisco-based cryptocurrency company Ripple is interested in buying the assets of failed cryptocurrency exchange FTX, the Times reports.
Ripple CEO Brad Garlinghouse said he is willing to buy part of the exchange that serves professional clients. The company is also considering other companies that make up the expanding portfolio of the FTX crypto empire. This will enable Garlinghouse to effectively scale up the business, which needs to continue to grow even in the midst of a booming wildlife market. FTX stopped filing for Chapter 11 bankruptcy on Nov. 11 when he stopped getting money from many investors. Garlinghouse was among those approached by former FTX CEO Sam Bankman-Fried for money on the eve of the exchange, according to the report. In a recent interview with CNBC International, the CEO of Ripple suggested that the FTX exchange was a fraudulent scheme. Garlinghouse also pointed out that the cryptocurrency industry needs to mature.
In August, Ripple also said it was interested in buying the assets of the failed cryptocurrency lender Celsius. The company, which is linked to the cryptocurrency XRP, is currently working on expanding into the EU market. It is currently looking to acquire a Value Added Services Provider (VASP) in Ireland. Ripple is currently fighting a tough legal battle with the US Securities and Exchange Commission, which is expected to be resolved in the second half of 2023. Ripple FTX.
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