FTX CEO: Buying Goldman Sachs Is Not Out of the Question

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2 years ago

FTX CEO: Buying Goldman Sachs Is Not Out of the Question

FTX could possibly purchase the CME and even Goldman Sachs if it becomes the largest exchange, according to Sam Bankman-Fried.

Sam Bankman-Fried opined that some of the top financial institutions could be targeted for acquisition by young crypto companies. Moreover, he stated that his cryptocurrency derivatives trading platform – FTX – could consider buying the US banking giant Goldman Sachs if it surpasses its rivals.

FTX to Buy Goldman?

Sam Bankman-Fried – the CEO of the cryptocurrency exchange FTX – believes that digital asset companies can acquire some of the most prominent traditional financial firms. The 29-year-old executive went further, stating that his firm could possibly buy the Chicago Mercantile Exchange (CME) Group and even Goldman Sachs if it manages to overtake its competitors:

“If we are the largest exchange, [buying Goldman Sachs and CME] It’s not out of the question at all.”

The statement highlighted the grand ambitions of senior executives in the fast-growing crypto sector to compete with centuries-old banking giants. As of the moment, those aspirations seem quite far-fetched as FTX has an approximate value of $20 billion while Goldman Sachs and the CME have respectively $135 billion and $76 billion according to Nikkei Asia.

Bankman-Fried revealed that FTX had plans to go public on a traditional stock exchange, but such ideas are currently postponed:

“We’re in a happy position that we do not have to do this because we do not need capital… on the other hand, there are potentially great benefits to listing such as brand recognition. We do not want to actively list, but we want to be able to continue if we want to.”

FTX’s CEO argued that traditional financial markets and cryptocurrencies would exist side-by-side. To him, regulation is inevitable, but a proper legislative framework would emerge in years:

“The biggest change we’ve seen in the last year is that crypto is big enough to take care of regulators,” he added.

FTX Vowed to Go Carbon Neutral

Following the environmental debates, which Elon Musk reinvigorated with his tweets in May, the popular cryptocurrency exchange announced it would become carbon neutral.

The San Francisco-based trading venue reminded that there are bigger consumers of electricity than bitcoin, but FTX would still take a major part in the world’s green future:

“BTC isn’t the biggest use of energy but we take our impact on the world seriously. To that end: FTX is committed to being carbon neutral.”

Additionally, the head of the trading platform – Sam Bankman-Fried – pledged to donate $1M this year to some of the most effective carbon offsetting organizations: