Binance Acquires FTX, World's Most Powerful Crypto Company
Navigasi - Crypto company Binance officially acquires FTX. Binance and FTX actually had time to compete with each other. But recently Binance announced important things regarding the progress of the company. Binance officially acquired FTX, and was marked by the signing of a letter of intent.
|Binance Acquires FTX, World's Most Powerful Crypto Company|
Quoted from techcrunch.com, Binance officially acquired FTX since Tuesday (11/8/2022). The news of Binance acquiring FTX clearly took the public by surprise.
Crypto business people were shocked by this news. Because Binance and FTX are also considered the two biggest crypto companies in the world. These two companies have contributed to several digital tokens. This deal was taken as an attempt to resolve months of clashes between the two, namely Binance founder Changpeng Zhao and FTX founder Bankman-Fried. Zhao, the founder of Binance, said Binance reached the decision after three years of FTX exchange. FTX then enlisted the help of the crypto giant to protect its users.
In addition, FTX also asked Binance to protect its users. Then binance and FTX signed a non-binding LOI. Not only acquiring FTX, Binance is also helping to cover the liquidity crisis. Binance itself has the discretion to withdraw from the deal only. Binance, being the largest crypto exchange company in the world, is considered to be the first investor to support FTX.