The CEO of FTX Exchange, Sam Bankman-Fried, expects the crypto winter to end soon. The level of stability in the market will depend on the recovering world economy and regulation.
He’s noticed that with the crypto winter winding down, there have been fewer distressed businesses and he expects this to improve by a surprisingly large amount. Bankman-Fried believes that a positive macroeconomic environment would help move up recovery.
Market performance doesn’t lower profits for FTX
He noted that FTX is willing to lose about $70 million, referencing the possible loss of the $70 million loan in the Voyager Digital saga. The actual loan was about $500 million and about $70 million could be lost.
Despite the troublesome crypto market, FTX is expected to turn in a profit every quarter this year. They’ve done a better job of staying in line with the same level of profits they had last year. Some believed having more BTC could improve the situation, but it’s uncertain if this will happen because of how high the price is as of now.
FTX Sets To Expand Offerings In The US
FTX US will expand its suite of products in the United States by first acquiring Embed Financial Technologies. FTX also made a strategic investment in IEX, which is currently waiting for over 6,000 customers.
Bankman-Fried believes that major macroeconomic events have a major influence on the price movement of crypto assets. He also believes the industry needs more regulatory clarity to make institutions and consumers feel comfortable.
