Bankman-Fried claims his firm may invest "hundreds of millions" to help struggling crypto projects

Sam Bankman-Fried, CEO of FTX, indicated in a CNBC interview that he would be willing to invest "hundreds of millions beyond what we have thus far and in certain cases more than that" to support businesses impacted by the recent market meltdown for cryptocurrencies.

Bankman-Fried says his firms may deploy 'hundreds of millions' to backstop struggling crypto industry
Bankman-Fried | Image: Bloomberg

The interview was conducted a few days after Bloomberg revealed that FTX and FTX US were in discussions to seek new capital after going on a spending binge that saw the firm spend almost $1 billion over the course of two weeks in June.

During this time, Bankman-Fried acquired the Canadian trading platform Bitvo and the clearing house Embed.

It also got into agreements to give BlockFi and Voyager, two failing cryptocurrency companies, revolving credit lines.

Despite stating that the corporation will deploy a "open-ended" amount, Bankman-Fried added that "there is a limit."

When questioned about whether his recent buying binge is fostering a monopoly, he responded that FTX is not actively pursuing this and added that "we would love for other individuals to be stepping in and contributing capital to those in need."

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