According to a press release published by multi-stage venture capital fund FTX earlier today, FTX has partnered with Anthony Scaramucci’s SkyBridge Capital by acquiring a 30 percent stake in the investment firm.
Despite the unprecedented 2022 crypto crisis and bear run, which has seen multiple crypto organizations go up in flames, heavy funding is still going into the very market that has since shed close to $2 trillion since the last Bitcoin all-time high.
Two of the top firms in the venture capital space have collaborated to make more funds available for startups, among other utilities that will be provided by the funds from the deal, whose terms are still yet to be fully disclosed. The statement read that the collaboration will aid in sourcing for investments and “deal flow in the digital assets space and beyond.”
The global alternative investment firm Skybridge also relayed that $40 million gotten from the deal will be used to purchase cryptocurrencies to hold on its corporate balance sheet as a long-term investment.
This deal is the latest between the two firms. It comes after a multi-year partnership to sponsor the global SALT conference (institutional digital assets conference) in North America, Asia, and the Middle East, and co-present Crypto Bahamas, launched in April this year.
“Sam is a visionary who has built incredible businesses that are synergistic with the future of SkyBridge, our business has continued to evolve since we founded the firm in 2005. We will remain a diversified asset management firm, while investing heavily in blockchain,” noted Anthony Scaramucci, Founder and Managing Partner, SkyBridge.
Sam Bankman-Fried, known for the role he played when the market was neck-deep in the crypto winter crisis where he bailed out some firms even though they couldn’t eventually save some, said that they (FTX) look forward to collaborating with Skybridge for both “its crypto investment activity and also working alongside them on promising non-crypto-related investments.”
Both founders will discuss the partnership together on stage at SALT New York’s opening session on Monday, September 12 at 9:00 a.m. ET.
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