The San Francisco-based company plans to buy the assets of the failed FTX exchange. San Francisco-headquartered cryptocurrency firm Ripple is interested in buying the assets of cryptocurrency exchange FTX, according to the Times.
Ripple CEO Brad Garlinghouse is reportedly ready to buy the parts of the exchange that serve professional clients. The company is also taking an interest in other businesses that made up the sprawling portfolio of the FTX crypto empire.
This would allow Garlinghouse to strategically scale the business, which aims to continue growing even during the current bear market.
FTX ended up filing for Chapter 11 bankruptcy protection on Nov. 11 after failing to secure a bailout from a series of investors.
According to the article, Garlinghouse was among those whom former FTX CEO Sam Bankman-Fried approached for funding on the eve of the stock market’s implosion.
In a recent interview with CNBC International, the CEO of Ripple suggested that the FTX exchange was a fraudulent system. Garlinghouse also pointed out that the cryptocurrency industry needs to mature.
In August, Ripple also said it was interested in buying the assets of bankrupt cryptocurrency lender Celsius.
The company, which is linked to the popular cryptocurrency XRP, is currently working on expanding into the European market. It is currently looking to acquire a Virtual Goods Service Provider (VASP) in Ireland.
Ripple is currently embroiled in a grueling legal battle with the US Securities and Exchange Commission, which is expected to be resolved in the second half of 2023.