cryptocurrency

FTX Ventures acquires 30% of SkyBridge Capital

  • About $40 million of new capital will be used for the purchase.
  • Skybridge emphasized that there is no chance of liquidating any assets.

Sam Bankman – Fridays FTX ProjectsThe crypto venture capital firm recently made a splash in the market by acquiring a 30% stake in fellow crypto investment firm SkyBridge Capital. Nearly $40 million of the new capital will be used to purchase and hold cryptocurrency investments by SkyBridge Capital.

Anthony Scaramucci, Troy Javsky, Brett S Messing, and Raymond Nolte run New York City-based investment firm SkyBridge Capital. Amy Wu, former general partner at LightSpeed ​​Venture Partners, leads the venture capital firm that started in January 2022 under the name FTX Ventures.

The right time to invest

This new measure comes on the heels of a freeze on investor withdrawals from the SkyBridge fund that was exposed to Bitcoin and Ethereum in July. The company, called Legion Strategies, has handled about $230 million in assets, with nearly a quarter of those assets invested in cryptocurrencies as of February.

Due to private investments made late in the fund’s life cycle, the fund is temporarily unable to accept new funds, resulting in a suspension. There is no leverage in SkyBridge mutual funds. Skybridge emphasized that there is no chance of liquidating any assets.

Scaramucci’s organization has joined forces with a growing number of crypto companies and projects. This resulted in the discontinuation of operations following the general downturn in the market. Although some companies stumbled in such an atmosphere. Sam Bankman-Fried has emerged as a savior, handing out millions to distressed businesses.

Sam Bankman FriedHe started investing in several crypto startups. These include BlockFi and Voyager Digital, ultimately investing more than $750 million in this business. However, it remains unclear whether the recent investment in SkyBridge Capital was driven by the same factors.

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