By Richard Hines
The cryptocurrency company Ripple declares its intention to purchase FTX shares. According to a Times report, this firm is interested in buying the shares of the defunct FTX exchange.
Ripple Interested In FTX Shares
The CEO of Ripple, Brad Garlinghouse, has demonstrated his commitment to this goal by stating that he would like to buy the exchange’s assets that are primarily used for meeting customer needs and providing services.
According to reports, Garlinghouse is also interested in the businesses that contributed to the FTX exchanges. Even in the midst of the current bad market and the exchange crash, Garlinghouse is making an effort to scale up the business and also committed to enhancing this company’s growth regardless of the state of the market.
One of the businesses that FTX contacted when it was on the brink of getting liquidated was Garlinghouse’s Ripple Organization. He asked for funding to stop the liquidation before it got out of hand.
In a recent interview, Garlingouse discussed the market crisis and the FTX crash. He began by criticizing FTX as a fraudulent scheme and emphasized the need for maturity in the crypto space and its operations.
But this is not the first instance in which Ripple has arranged to purchase stock from a defunct exchange or cryptocurrency company. Following the collapse of Celsius, a cryptocurrency lender, in August, Ripple made an offer to buy Celsius’ assets.
Ripple’s Expansion And Lawsuit
With its native token XRP, Ripple Organization is actively pursuing market expansion in the European Union. It has deliberately focused all of its efforts on growing its corporation.
Despite all of these expansions, acquisitions, and developments, Ripple continues to be involved in a legal battle with the Securities and Exchange Commission (SEC) over unregistered XRP token securities. With the case becoming more complex, this legal proceeding has dragged on for almost two years.
In a previous report, some cryptocurrency companies joined forces with Ripple and submitted an amicus brief to the court in support of Ripple, citing the risks that the SEC and its regulations pose to the cryptocurrency community.
Due to the SEC’s directive for some exchanges to delist the XRP token, Coinbase and other exchanges have also commented on the impact this lawsuit has had on exchanges and retail traders. The token and investor funds suffered greatly as a result of this action, with investors reportedly losing money.