FTX Ventures Purchased a 30% Stake in SkyBridge Capital, But There is a Catch
- FTX cryptocurrency exchange is poised to significantly benefit from SkyBridge institutional investors.
- Anthony Scaramucci, Founder and Managing Partner at SkyBridge, manages around $2.5 billion including $800 million in digital assets.
- Earlier this year, the two companies worked together in a multi-year partnership to sponsor global SALT conferences in North America, Asia, and the Middle East.
FTX Ventures, a capital fund backed by Sam Bankman-Fried, announced on Friday that it has purchased a 30 percent stake in SkyBridge Capital. However, the two companies agreed not to disclose the financial terms of the deal. Nevertheless, SkyBridge noted that it will use $40 million, a portion of the stake proceeds, to purchase cryptocurrency assets and hold on its balance sheet.
The two institutional investors are exchanging liquidity during the bear market as a show of goodwill to do business even during the bull market. Furthermore, the FTX cryptocurrency exchange is poised to significantly benefit from SkyBridge institutional investors.
Remember, Anthony Scaramucci, Founder and Managing Partner at SkyBridge, manages around $2.5 billion including $800 million in digital assets as of June 2022.
“We saw there was an opportunity to work closer together in ways that could complement both our businesses,” Bankman-Fried said in a statement. “We look forward to collaborating closely with SkyBridge on its crypto investment activity and also working alongside them on promising non-crypto-related investments.”
SkyBridge and FTX Teams Up to Foster Cryptocurrency and Blockchain Adoption
Following increased cryptocurrency regulations around the world, both retail and institutional with deep financial pockets are feeling comfortable investing in the industry. However, institutional investors are getting to work together in a bid to create a stronger force through pooled investments.
For instance, SkyBridge Capital and FTX ventures have been working together for a while.
Earlier this year, the two companies worked together in a multi-year partnership to sponsor global SALT conferences in North America, Asia, and the Middle East. Additionally, the two investment firms worked together to co-present Crypto Bahamas, the leading institutional digital assets conference that launched in April 2022.
Through the latest deal, the two investment companies will expand their collaboration on venture and digital asset investing across current and future product offerings.
“Sam is a visionary who has built incredible businesses that are synergistic with the future of SkyBridge,” Scaramucci said.
Founded back in 2005, SkyBridge has been evolving in the investment industry to fit in the future growth prospects. Blockchain technology has proved its immense potential in the past decade, without any sign of stopping in the coming decades. Consequently, investment firms are betting big in the industry in the coming decades.
“We will remain a diversified asset management firm while investing heavily in blockchain,” Scaramucci added.
The cryptocurrency market entered the weekend in a style after invalidating a possible crash that was looming in the past few days. Bitcoin price has gained around 10 percent in the past two days to trade slightly above $21k.
Most of these blockchains are looking at the decentralized financial (DeFi) market that is capable of tapping almost every other cryptocurrencies sector including play-to-earn.