Crypto exchange Binance to buy rival FTX in apparent bailout

The cryptocurrency exchange Binance said it plans to buy its rival FTX Trading, in the latest example of how fortunes can change rapidly in the crypto world.

FTX is the latest cryptocurrency company this year to come under financial pressure as crypto assets such as bitcoin and ethereum have collapsed in value. Failures include Celsius, a bank-like company that took in crypto deposits in exchange for yield, as well as an Asia-based hedge fund known as Three Arrows Capital.

Other major cryptocurrencies were higher after the deal was announced as well, with Bitcoin rising 5 per cent.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Volatility spikes in the crypto market as Binance looks to acquire FTXThe crypto market went for an early morning plunge as BTC briefly dipped below $20,000 amid rumors of insolvency at the crypto exchange FTX. ⚡️
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »

Tensions between crypto’s two richest CEOs spill into marketsDust\u002Dup between Binance\u0027s Zhao “CZ” Changpeng and FTX\u0027s Sam Bankman\u002DFried comes at a fraught time for the crypto industry. Read more.
Source: financialpost - 🏆 7. / 85 Read more »