Tech

Binanace to acquire rival crypto platform FTX

The world’s largest cryptocurrency company, Binance has reached a deal to acquire its rival FTX.COM.

 

Although, the transaction excludes FTX.us and Binance.us two distinct companies focused on the United States.

 

The deal was confirmed by FXT founder and CEO, Sam Bankman Fried on Tuesday via his official Twitter handle.

 

In his tweet he mentioned that things had come full circle, and FTX have come to an agreement on a strategic transaction with Binance to acquire his company.

 

“Hey all: I have a few announcements to make.

 

Things have come full circle, and FTX.COM’s first, and last, investors are the same: we have come to an agreement on a strategic transaction with Binance for FTX.COM (pending DD etc.).

 

“Our teams are working on clearing out the withdrawal backlog as is. This will clear out liquidity crunches; all assets will be covered 1:1. This is one of the main reasons we’ve asked Binance to come in. It may take a bit to settle etc. — we apologize for that.

 

“But the important thing is that customers are protected.

 

“A *huge* thank you to CZ, Binance, and all of our supporters. This is a user-centric development that benefits the entire industry. CZ has done, and will continue to do, an incredible job of building out the global crypto ecosystem, and creating a freer economic world.

 

“I know that there have been rumors in media of conflict between our two exchanges, however Binance has shown time and again that they are committed to a more decentralized global economy while working to improve industry relations with regulators. We are in the best of hands.

 

“Note that FTX.us and Binance.us–two separate companies–are not currently impacted by this. FTX.us’s withdrawals are and have been live, is fully backed 1:1, and operating normally.”, he tweeted.

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