The founder and CEO of crypto exchange FTX, Sam Bankman-Fried, met with Goldman Sachs CEO David Solomon in the Caribbean to examine new collaborations, according to the Financial Times.
The meeting’s goal was to strengthen relations between one of the world’s largest banks and fledgling cryptocurrency exchanges. Regulatory challenges, fundraising, and FTX’s prospective public debut were all covered extensively.
The two also talked about FTX’s potential public offering and future fundraising. Goldman Sachs is offering to help one of the most popular Bitcoin exchanges get additional funds.
Due to poor market conditions, Bankman-Fried told Bloomberg in February that he did not feel forced to launch an initial public offering. In 2022, public crypto firms, like the Coinbase exchange, have underperformed Bitcoin and other cryptocurrencies by a significant margin.
After completing a $400 million Series C financing in late January, FTX was valued at a whopping $32 billion. The cryptocurrency exchange, which was launched less than three years ago, has grown to become one of the most powerful players in the sector.
If the exchange’s value continues to rise, Bankman-Fried suggested in July that acquiring Goldman would not be “out of the question.” Given that one of the largest US banks is currently valued at $113.77 billion, such an undertaking is still too ambitious for the FTX exchange.
Due to increased demand, Goldman Sachs launched its Bitcoin trading desk in 2018 and decided to revive it in March 2021. Following Goldman Sachs led the IPO of crypto exchange Coinbase last year, the CEOs’ discussions show that mainstream financial institutions are becoming more interested in the crypto market.
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