The largest crypto exchange in the world just bought its fastest-rising competitor. Here's what that means for crypto:
In a Battle of Crypto Giants, Binance, the Largest Crypto Exchange, Buys Competitor FTX. Why It Matters
In a Battle of Crypto Giants, Binance, the Largest Crypto Exchange, Buys Competitor FTX. Why It MattersPiaras Ó Mídheach/Sportsfile for Web Summit--Getty Imagesinance, the world’s largest centralized crypto exchange, said on Tuesday that it bought its fastest-rising competitor, FTX. The move was announced on Twitter by Binance’s co-founder and CEO Changpeng Zhao, and it immediately sent shockwaves through a crypto landscape already besieged by turbulence and falling prices.
The deal delivers a blow to the public image of FTX founder Sam Bankman-Fried, one of crypto’s most well-known figures—who was widely acknowledged as an industry leader working to push crypto toward the mainstream. “It will probably go down in history as one of the greatest corporate raids of all time,” Alex Svanevik, the CEO of the blockchain analytics firm Nansen, tells TIME, noting that the deal greatly increases the power and stature of Zhao.Zhao helped set off the turn of events on Sunday by publicly sowing doubt on Twitter about the amount of cash FTX had on hand.
This caused an actual liquidity crisis for FTX, and it temporarily paused withdrawals. On Tuesday, Bankman-Fried wrote on Twitter that Binance was helpingThe exact terms of the deal were not disclosed on Tuesday.
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