Kwil Receives $9.6M in Funding from FTX Ventures and DCG

Decentralized database solutions Kwil has received a $9.6 million fundraise from crypto venture capital firms FTX Ventures and Digital Currency Group (DCG) according to a filing lodged with the United States Securities and Exchange Commission (SEC) (Read More)

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FTX Ventures Looks to Acquire 30% Stake in SkyBridge Capital - Report

FTX Ventures has announced its intention to take a 30% stake in the crypto exchange, Skybridge Capital, using its investment division (Read More)

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FTX Ventures to Acquire 30% Stake in SkyBridge Capital

<p>FTX Ventures, a $2 billion venture capital firm based in Nassau, Bahamas, is planning on buying a 30% stake in SkyBridge, a global hedge fund and alternative asset manager.</p><p>SkyBridge Capital, which was founded in 2005 by Anthony Scaramucci, a former aide of ex-President Donald Trump, announced the planned investment on Friday in a statement. </p><p>The hedge fund, however, did not disclose the financial terms of the deal.</p><p>FTX Ventures in the statement said it will provide an additional working capital to SkyBridge Capital in addition to the acquisition.</p><p>And SkyBridge Capital said it will use a portion of the amount received to buy $40 million in cryptocurrencies to hold as a long-term investment.</p><p>“The deal is the latest collaboration between SkyBridge and FTX, following the multi-year partnership to sponsor global SALT conferences in North America, Asia and the Middle East, and co-present Crypto Bahamas, the leading institutional digital assets conference that launched in April 2022,” SkyBridge Capital explained.</p><p>“The firms will expand their collaboration on venture and digital asset investing across current and future product offering,” the hedge fund firm added.</p><p>FTX and Crypto Investments</p><p>Commenting on the partnership, Scaramucci, the Founder and Managing Partner of SkyBridge, noted that his company “will remain a diversified asset management firm." He added that the company will invest heavily in blockchain.</p><p>Also speaking, Sam Bankman-Fried, the billionaire leader of FTX Ventures, noted that the venture capital firm was looking forward to working closely with SkyBridge Capital on its crypto investment activities.</p><p>FTX Ventures also plans to work with SkyBridge “on promising non-crypto-related investments,” Bankman-Fried added.</p><p>In early 2022, FTX Ventures <a href="https://www.financemagnates.com/fintech/news/dave-receives-100-million-investment-from-ftx-ventures/">invested $100 million</a> in Dave, a fast-growing banking app, to accelerate the expansion of the global cryptocurrency ecosystem.</p><p>In the aftermath of the recent crash in prices in the cryptocurrency markets, cryptocurrency exchange FTX extended helping hands to crypto lenders <a href="https://www.financemagnates.com/cryptocurrency/blockfi-and-ftx-ink-250-million-revolving-credit-agreement/">BlockFi</a> and <a href="https://www.financemagnates.com/cryptocurrency/ftx-and-alameda-ventures-propose-to-provide-early-liquidity-to-voyagers-customers/">Voyager Digital</a> as well as <a href="https://www.financemagnates.com/cryptocurrency/news/crypto-lender-celsius-files-for-bankruptcy-in-new-york/">bankrupt</a> lender Celsius.</p><p>Additionally, Bankman-Fried in May <a href="https://www.financemagnates.com/forex/brokers/ftx-ceo-sam-bankman-fried-buys-76-stake-in-robinhood/">acquired a 7.6% stake</a> in Robinhood, a US commission-free stock trading and investing app.</p><p>A regulatory filing showed that the billionaire founder purchased Robinhood shares worth a total of $648 million at an average price of $11.52.</p> This article was written by Solomon Oladipupo at www.financemagnates.com.

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Former Meta Executives Raises $300 Million In Funding To Develop Sui Blockchain

The Unicorn company has increased its market value to over $2 billion.

Continue reading Former Meta Executives Raises $300 Million In Funding To Develop Sui Blockchain at DailyCoin.com.

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LayerZero Raises $135M to Tackle Interoperability in Crypto

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FTX Unveils Reorganization Strategy, Proposing ‘Offshore Crypto Exchange’ and New Trust

In the midst of the bankruptcy proceedings, FTX presented its primary reorganization strategy and term sheet to the U.S. bankruptcy court, detailing an ambitious plan to reinvent FTX as an “offshore crypto exchange” while also founding a new limited liability trust. At this time, the proposed FTX reorganization plan is targeting a comprehensive settlement between [...]

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