This partnership of FTX Ventures will drive further collaboration to Acquire a Stake in SkyBridge Capital.

About the Partnership

FTX Ventures’ investment will provide SkyBridge with additional working capital to fund growth initiatives and new product launches. Further, SkyBridge will use a portion of the proceeds to purchase $40 million in cryptocurrencies to hold on its corporate balance sheet as a long-term investment. SkyBridge remains profitable and debt-free, notwithstanding market conditions.

The deal is the latest collaboration between SkyBridge and FTX, following the multi-year partnership to sponsor global SALT conferences in North America, Asia, and the Middle East, and co-present Crypto Bahamas, the leading institutional digital assets conference that launched in April 2022. The firms will expand their venture and digital asset investing collaboration across current and future product offerings.

“Sam is a visionary who has built incredible businesses that are synergistic with the future of SkyBridge,” said Anthony Scaramucci, Founder and Managing Partner, SkyBridge. “Our business has continued to evolve since we founded the firm in 2005. We will remain a diversified asset management firm while investing heavily in blockchain.”

“After working with Anthony and his team following our SALT conference partnership, we saw there was an opportunity to work closer together in ways that could complement both our businesses,” said Sam Bankman-Fried. “We look forward to collaborating closely with SkyBridge on its crypto investment activity and also working alongside them on promising non-crypto-related investments.”

About FTX Ventures

FTX Ventures is a multi-stage venture capital fund focused on supporting the world’s best teams building in crypto and web3. The fund provides flexible funding and strategic support from FTX and its network of global partners.

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About SkyBridge Capital

SkyBridge Capital is a global multi-strategy alternative investment firm, with a focus on hedge funds, fintech and venture capital.

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SOURCE

https://www.prnewswire.com/news-releases/ftx-ventures-to-acquire-stake-in-skybridge-capital-301621035.html

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