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Edited by Shri333 at 27-12-2023 11:19 AM
On October 28th, during his court testimony this Friday, SBF stated that he had intended to sell FTX to Binance during the early stages of its development.
At the time, SBF believed that FTX could position itself as a platform specialized in serving margin traders, which was not adequately addressed in the trading platform sector. As a result, he testified that he expected exchanges like Binance might be interested in acquiring FTX.
SBF mentioned that customer acquisition was a challenge back then, but FTX rapidly expanded its business through its positive reputation within the crypto community. In 2019, FTX had an annual revenue of $20 million, and by 2021, FTX was generating $3 million in daily revenue.
However, Binance never proceeded to purchase FTX (they only expressed interest during platform outages). SBF testified that Binance had its internal team for further developing its own platform. Nevertheless, Binance did serve as FTX's first investor, providing the exchange with $80 million worth of BNB as seed funding. Later, SBF acquired Binance's stake with a combination of FTT and other assets, totaling $2.1 billion. |
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Post time 1-11-2023 12:55:20
