Sam Bankman-Fried believes that some of the best financial institutions could be acquired by young crypto companies. He also said his cryptocurrency trading platform – FTX – could consider buying US banking giant Goldman Sachs if it outperforms its rivals.
Will FTX buy Goldman Sachs?
Sam Bankman-Fried – CEO of the FTX Cryptocurrency Exchange – believes that digital asset companies can buy some of the most important traditional financial companies in the future. The 29-year-old CEO went further, saying his company could buy the Chicago Mercantile Exchange (CME) and even Goldman Sachs if it outperformed its competitors:
“If we will be the largest exchange, the purchase of Goldman Sachs and CME is not out of the question.”
The statement underscored the great ambition of executives in the fast-growing cryptocurrency sector to compete with centuries-old banking giants. At the moment, these aspirations seem to be quite hair-raising, as FTX is worth about $ 20 billion, while Goldman Sachs and CME are worth $ 135 and $ 76 billion, respectively.
Bankman-Fried revealed that FTX had plans to list on a traditional stock exchange, but these plans are currently being postponed:
“We are in a good position not to do this because we don’t need capital… on the other hand, listing can have great benefits, such as brand recognition. Now we do not want to be active, but we want us to be able to continue if we want to. “
The CEO of FTX claims that traditional financial markets and cryptocurrencies will exist side by side. According to him, regulation is inevitable, but establishing a proper legislative framework can take years. “The biggest change we’ve seen in the last year is that the crypto is big enough to get the attention of regulators,” he added.
FTX promises to be carbon neutral
After the environmental debates that Elon Musk sparked in May with his tweets, FTX announced that it will become carbon neutral. The San Francisco Exchange reminded that there are more consumers of electricity than BTC, but FTX would like to contribute to the green future of the world:
“BTC is not the biggest consumer of energy, but we take our impact on the world seriously. To this end, FTX has committed itself to being carbon neutral. “
In addition, the director of the trading platform – Sam Bankman-Fried – has pledged to donate $ 1 million to some of the most effective carbon offset organizations this year:
“Together we can make the world a better place, and that doesn’t mean we have to give up what we believe in.”