FTX turned to Kraken cryptocurrency exchange for help

FTX turned to Kraken cryptocurrency exchange for help

After Binance's failure, the failing platform continues to search for a solution that would keep it out of bankruptcy FTX has approached U.S. cryptocurrency exchange Kraken about a potential deal that could save the company from collapse, Axios reported, citing unnamed sources familiar with the matter. The details of the appeal remain unknown at this time.

Kraken, a centrally-listed cryptocurrency trading exchange, ranks 13th in terms of daily trading activity, according to data compiled by CoinGecko. The platform has 211 cryptocurrencies and 658 trading pairs in the past 24 hours.

According to one of the publication's sources, FTX CEO Bankman-Fried told investors that his company may need up to $8 billion to save the business and customer funds. FTX is still searching for a solution that could keep it from total collapse.

At the same time, Kraken founder Jesse Powell said in an interview with Bloomberg that he thinks FTX has some assets that are of interest, but he thinks current events are likely to lead to the bankruptcy of this exchange.

Due to a significant liquidity crisis on the platform last weekend, the head of FTX first turned to major cryptocurrency exchange Binance for help. However, after an audit of FTX's financial health, Binance backed out of the deal.

Other news

Binance CEO Explains the Uniqueness of the Upcoming Bitcoin Halving
CryptoQuant reported record accumulation of bitcoins ahead of the halving.
We've sold everything. Expert names reasons for crypto market downturn
The losses of miners after the halving were estimated at $10 billion. Where does this figure come from?
Robert Kiyosaki cited reasons for not investing in Bitcoin via ETF.
Chapter Hut 8 CEO Discusses Banks' Interest in Buying Bitcoin from Miners