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Sam Bankman-Fried, the founder of FTX, mentions Coinbase as a possible takeover target for his business.

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Sam Bankman-Fried, the founder of FTX, mentions Coinbase as a possible takeover target for his business.



Coinbase may be a target for Sam Bankman-Fried, who is looking to expand his cryptocurrency trading platform FTX. 

Bankman-Fried corroborated prior rumors of funding discussions for FTX when questioned about making additional acquisitions during The Wall Street Journal's Tech Live conference on Tuesday. Despite allegations that his company was seeking $1 billion, he would only comment that "there have been negotiations going on in tandem with certain acquisition talks going on, looking at ways we can develop the company."

He made reference to the collapse in the cryptocurrency market this year by saying, "In this market, there are a lot of opportunities we're seeing that we didn't see last year." 

When asked about potential acquisitions, Bankman-Fried brought up Coinbase and mentioned that it has 20 times as many users as FTX. While FTX has a greater proportion of intensely active cryptocurrency traders, he claimed that FTX may benefit from Coinbase's wider appeal.

In attracting more casual or "retail" traders, he continued, Coinbase "gets at... our long-term weakness." Bankman-Fried stated, "We don't see much sense in getting more highly active crypto traders. "The retail side is what we'd be looking at more," Shares of Coinbase increased 13% on Tuesday. 

This year, FTX has already spent money on a number of acquisitions and investments, including Bitvo, a Canadian cryptocurrency trading platform, and Voyager, a cryptocurrency lender that was acquired through that company's insolvency process.

Twitter was one investment Bankman-Fried was unable to make this year. Bankman-Fried expressed a desire to participate in the fundraising in secret texts that were made public as part of the platform's lawsuit against Elon Musk, who is scheduled to close on his $44 billion acquisition of the platform on Friday. Musk was even informed by a friend that Bankman-Fried had thought about buying the platform himself. He ultimately decided against participating in the contentious transaction, and Musk first seemed to be unaware of Bankman-Fried's identity.

Article Credit: Business Insider

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