According to a Financial Times report published on April 21, Goldman Sachs CEO David Solomon met with FTX founder and CEO Sam Bankman-Fried in the Caribbean Island in March. The meeting’s goal was to strengthen relations between one of the world’s largest banks and fledgling cryptocurrency exchanges. The two CEOs also talked about FTX’s potential IPO and future funding. Goldman Sachs is offering to help one of the biggest crypto exchanges get additional funding.
According to sources familiar with the situation, the discussion centred on regulatory difficulties in the United States. Goldman is eager to assist FTX in engaging with American regulatory bodies such as the Commodity Futures Trading Commission (CFTC). Furthermore, Solomon stated his willingness to provide standard banking services for the exchange.
Due to poor market conditions, Bankman-Fried stated in an interview in February that he did not feel forced to undertake an initial public offering. In 2022, public crypto businesses, including the Coinbase exchange, underperformed Bitcoin and other cryptocurrencies. After completing a $400 million Series C financing, FTX was valued at $32 billion in late January.
FTX was formed less than three years ago and has grown to become one of the most important participants in the crypto sector. Bankman-Fried indicated in July that purchasing Goldman would not be “out of the question” if the exchange’s valuation continued to rise. Given that one of the largest US banks is presently valued at $113.77 billion, such an undertaking is still too ambitious for the FTX market.
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