by There have been reports with proper confirmation that Goldman Sachs is discussing a possible IPO (Initial Possible Offering) with a popular exchange, FTX derivatives.
The information was revealed anonymously that Sachs met with Sam Bankman-Fried, Founder of FTX, and one of his close officers, Mr. David Solomon, to lobby them into having a partnership deal that would benefit both parties.
Sachs, the Chief Executive Officer of one of the leading investment banking management firms in New York, has been in the banking game for years. He is highly respected for his knowledge and point of view on finance matters. Times financial termed it as Goldman Sachs trying to use his position (advisor to exchange derivatives on issues regarding commodity future trading) to pave a better way for the exchange company and cryptocurrency space.
There are speculations that the Investment Banking would want to be the official broker if the exchange decided to make the update known to the masses, just like a similar case that happened late last year when Coinbase Global Inc collaborated with the Nasdaq exchange.
Aside from the broker issue, the two giants also discussed organizing a private fundraising program, a partnership deal to move the cryptocurrency marketplace, and Sachs willing to offer his banking services to FTX.
A Quick Review About FTX
FTX Exchange was founded by Sam Bank-man and Gary Wang in May 2019, with its only headquarters in Nassau, New Providence, Bahamas. The trading platform has impacted a lot of waves in the cryptocurrency market since its inception. After an enormous fundraising event, trades, and several programs, the exchange value rose to $32 billion in January 2022.
This massive growth and momentum in such a little time frame attracted different traditional cryptocurrency investors. The huge valuation of the exchange has opened a route for IPO [Initial Possible Offering], with different brands, brokers, and more public investors, which would also make FTX soar higher.
Despite transacting worldwide, a personal coin with different ambassadors in all the seven continents and over a hundred countries, FTX created an annex/subsidiary in the United States of America [FTX/US]. Just like its mother, FTX/USA has also built its reputation as a startup, signing off different collaborations with teams, and acquisition of derivatives, coins, and assets.
