FTX is reportedly exploring a takeover of Robinhood Markets, the popular trading app that introduced millions of traders to Bitcoin, Etherand Dogecoin.
FTX is holding internal deliberations about whether to acquire Robinhood. Although no decision has been made to pursue a takeover, FTX is said to be taking the matter seriously. FTX has yet to approach Robinhood with a buyout proposal and that it could still decide against pursuing a deal.
FTX CEO Sam Bankman Fried clarified that his firm is excited about potentially partnering with Robinhood but that there were no active merger conversations.
This isn’t the first time FTX have been tied to Robinhood. It was disclosed that the FTX CEO had purchased a 7.6% stake in the discount brokerage valued at $650 million. At the time, Bankman Fried said the purchase reflected his belief that Robinhood is an attractive investment but that he had no intention of changing or influencing control of the firm.
Despite the onset of crypto winter, FTX has shown no signs of slowing its expansion. The exchange recently tabled a $250 million bailout offer to Bitcoin lender BlockFi earlier this month, FTX entered into an agreement to purchase Canadian cryptocurrency platform Bitvo for an undisclosed amount.
Amid mass layoffs in the crypto exchange business, FTX confirmed earlier this month that it would not be reducing its staff
