FTX to Help Voyager Customers, CEO Says Firm Willing to Deploy ‘Hundreds of Millions’ to Help Crypto Industry – Bitcoin News

Founder and CEO of leading exchange FTX, Sam Bankman-Fried has offered to provide early liquidity to Voyager Digital’s clients, according to an announcement FTX published on July 22. Furthermore, Bankman-Fried discussed the crypto industry with CNBC in an exclusive interview, noting that he was willing to deploy “hundreds of millions beyond what we have so far” to help digital currency companies affected by the downturn in the crypto market.

FTX plans to ‘provide early liquidity to customers of Voyager’

Not too long ago on June 28, Sam Bankman-Fried told Forbes writer Steven Ehrlich that some crypto firms were “secretly insolvent,” and he warned that more insolvencies were coming. The FTX boss’s words came true, as several companies with financial problems followed the problems customers had with Celsius withdrawal freezes. Celsius eventually filed for bankruptcy protection along with Three Arrows Capital and Voyager Digital.

happy to do what we can to bring liquidity to Voyager’s customers:

— SBF (@SBF_FTX) 22 July 2022

On July 22, Bankman-Fried tweeted out a statement explaining that FTX is willing to help Voyager’s customers. “Happy to do what we can to get liquidity to Voyager’s customers,” Bankman-Fried so in his tweet. A press release shared by Bankman-Fried notes that FTX announced a joint offering with West Realm Shires Inc., the owner and operator of FTX US, and Alameda Ventures. The company plans to “provide early liquidity to customers of Voyager.” Bankman-Fried said he wanted to offer a better way to help customers get liquidity.

The FTX manager said:

Voyager’s clients did not choose to be bankruptcy investors with unsecured claims. The goal of our joint proposal is to help establish a better way to resolve an insolvent crypto business – a way that allows clients to get early liquidity and reclaim part of their assets without forcing them to speculate on bankruptcy outcomes and take unilateral risks . .

Bankman-Fried’s CNBC Interview Discusses FTX Ready to Help Distressed Crypto Firms With ‘Hundreds of Millions’ – FTX CEO’s Crypto Watch Comments Criticized by Shapeshift’s Founder

On July 22, Bankman-Fried did an interview for CNBC’s “Closing Bell,” saying that FTX was willing to distribute “hundreds of millions beyond what we have so far” to crypto firms suffering from the downturn. Bankman-Fried went on to say that he would love to see more people come forward to “[provide] capital to those who need it.” The news follows the FTX boss explaining that the company was ready to spend billions on mergers and acquisition agreements at the end of May.

The FTX CEO also spoke about cryptocurrency markets and noted that he believes crypto regulations will increase in the near future. The interview with Bankman-Fried also touched on the cryptocurrency insider trading case launched by the US Securities and Exchange Commission (SEC). After the interview, the founder of Shapeshift, Erik Voorhees tweeted about Bankman-Fried’s recent regulatory pronouncements CEO of FTX shared on Twitter.

there are tokens that are securities and tokens that are not

by default I assume the SEC will take the ones that are (at least for issues) and the CFTC the ones that aren’t (at least for futures) but I’m flexible

eventually i want federal oversight of crypto somehow

— SBF (@SBF_FTX) 23 July 2022

In a specific tweet, Bankman-Fried said, “Eventually, I want federal oversight of crypto in some form.” Voorhees noted that Bankman-Fried’s supervisory comment was “the path toward crypto becoming bank 2.0, rather than an actual meaningful change in how money and finance work.”

“If you care about improving the world with this technology, please avoid this drive,” Voorhees added. You have already built an impressive crypto empire [Sam Bankman-Fried]. Please use it for good, and not to entangle us in the old system which is so deeply corrupt and perverted.”

What do you think of Sam Bankman-Fried and FTX offering to help ailing crypto firms weather the storm? What do you think of Bankman-Fried’s regulatory opinions? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the news editor at Bitcoin.com News and a financial technology journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.