Sam Bankman-Fried shares his plans to buy Coinbase exchange

The head of the FTX cryptocurrency exchange, Sam Bankman-Fried, has announced his plans to buy Coinbase, which has 20 times more users than FTX. Benkman-Fried spoke about this during the Tech Live conference organized by the Wall Street Journal.

According to the head of FTX, the exchange has long been looking for new sources of growth and diversification of funding, and the acquisition of Coinbase can significantly improve the situation and expand the audience of FTX. According to the billionaire, the majority of his platform’s audience is professional traders, and Coinbase also attracts retail investors, whose number is increasing daily.

After Bankman-Fried's bold statement, Coinbase (COIN) shares rose by 13%. At the time of writing, COIN is trading at $ 72.07. At the moment, Coinbase CEO Brian Armstrong has not commented on Sam Bankman-Fried's words.

It seems that the ambitions of the FTX founder have no limits, as back in March 2022, Sam Bankman-Fried was ready to buy Twitter. As it became known at the end of September, Bankman-Fried's advisor Will McAskill tried to organize a meeting between the FTX chairman and Elon Musk in March 2022. In the correspondence, McAskill suggested that Musk discuss a possible joint effort to buy Twitter, but no joint decision was reached.

It is worth noting that a few days ago, it was reported that Bankman-Fried offered Musk to integrate blockchain technologies into Twitter. However, Musk’s dialogues with Fried did not lead to a common solution — the new owner of Twitter refused to waste time on «debates about the implementation of blockchain.»