A cryptocurrency exchange that is rapidly expanding FTX plans to spend billions of dollars buying stock in other firms to broaden the range of items it offers to clients, according to the company’s CEO.
The firm is considering steps for further expansion
“FTX is a successful business.” “You’ll be able to look at the amount we’ve raised in the previous year or two, which is several billion dollars, which gives you an idea of where we are in terms of capital and which was certainly examined for a prospective purchase,” said Sam Bankman-Fried, the firm’s billionaire co-founder.
Bankman-Fried said one of FTX’s goals is to provide more goods to investors, including the opportunity to trade equities, so they don’t have to travel elsewhere for those services, according to Bankman-Fried.
As it extends its market services, FTX is working with the Commodity Futures Trading Commission and the Securities and Exchange Commission, but it has no plans to apply for a federal bank charter, as some crypto businesses have done.