Cryptocurrency

FTX Says It Might Be Interested in a Partnership With Robinhood

Bloomberg previously reported that FTX was seeking to acquire the financial services company.

Cryptocurrency

FTX Says It Might Be Interested in a Partnership With Robinhood

Bloomberg previously reported that FTX was seeking to acquire the financial services company.

On Monday, June 27, Bloomberg reported that Sam Bankman-Fried’s FTX was seeking to acquire Robinhood, though shortly after the news was released, the CEO told TechCrunch that he might be interested in a partnership but not an acquisition.

When news of a possible acquisition first broke, Robinhood stock rose as high as 14% ($9.12 USD) and then down 3.6% ($8.79 USD) after Bankman-Fried confirmed there are no current talks of mergers or acquisitions.

Just last month, the 30-year-old billionaire and founder of FTX purchased a 7.6% stake in Robinhood, roughly worth $650 million USD.

Looking back at the SEC filing from May, Bankman-Fried expressed that he acquired the shares because they “represent an attractive investment.” The purpose also notes that there is no intention to change or influence Robinhood’s current operations at this time.

All of the recent activity between FTX and traditional finance platforms comes as a result of the crypto exchange launching its own stock trading platform, where users are able to buy stock using the stablecoin USDC.

This is not the first time talks of FTX acquiring traditional finance firms has circulated. In late May, it was reported that the cryptocurrency platform was shopping stock trading companies like WeBull, Public and Apex. FTX has neither confirmed or denied these reports.

In other news, Harmony crypto protocol offers $1M USD recovery reward following $100M USD hack.

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