The CEO of crypto exchange FTX, Sam Bankman-Fried, told CNBC’s Squawk Box earlier today that the exchange has at least $1 billion to splash on acquisitions and bailouts.
Bankman-Fried did not give a specific figure.
The exchange has been a key player in acquiring crypto projects that were at risk of going under during the market downturn.
Asked by Squawk Box about the “sense of responsibility” that FTX thinks it has to keep crypto businesses afloat, Bankman-Fried said that in the long term, it’s important to the crypto ecosystem to try to find a solution.
In 2021, it was estimated that FTX’s revenue topped $1 billion in 2021, and its operating income is at a 1,842.85% increase.