Over the last couple of weeks, FTX CEO Sam Bankman-Fried has been in the news as he attempts to help stop the collapse of various crypto leaders. The two biggest ones that have caught headlines are both BlockFi and Voyager Digital. Voyager Digital in particular is in the headlines due to its connection to 3AC and how Voyager has served 3AC with a default notice.
Today though a whole new story involving FTX came out that led to a stock on the stock market having to be stopped due to the impact it could end up having. Over a month ago Sam Bankman-Fried took a sizeable stake in the stock and crypto broker Robinhood. While a lot was made of it at the time both SBF and Robinhood downplayed this being a precursor to an FTX takeover. Times have changed though and a report just hit the newswire that this was in fact in the works sending Robinhood up 12% before the stock was halted.
This tie-up could be a huge move for both companies since they do have dramatically different businesses but are trying to branch out into each other's space. Something I did not know until a few months ago was even with FTX launching a huge advertising push with sports and naming rights to sports venues they actually do not operate within the US. They do not have the different licenses and authorizations from the US government that Coinbase, Robinhood, and others have.
On the other hand, FTX has a strong overseas clientele and has been looking to move into offering US stocks. If these two are to combine it would create an amazing rival to not only Binance but also to other US stock brokerages. At this moment the two companies fit together rather well and so it would save a ton of resources if they were to combine now as opposed to continuing to try and pave their own respective way.
Please know I am not a financial advisor and make sure you do your own research! If you enjoyed this article and would like to further support me below are a few referral links that if you used when signing up I would appreciate it! Also, follow me on Twitter @Cje95_
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