Why is Ripple Interested in Buying Certain Parts of Collapsed FTX Exchange?

Author: Sohrab Khawas

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    Story Highlights
    • Sam Bankman-Fried called Ripple CEO Brad Garlinghouse two days before the FTX collapse and said that SBF wanted to gather investors.

    The CEO of Ripple, brad garlinghouse , recently stated that his company would be interested in FTX-owned businesses. He is also interested in purchasing some parts of the troubled FTX cryptocurrency exchange.

    Garlinghouse thinks that if transparency and trust are kept as a priority, the cryptocurrency sector will grow stronger. He places a high value on bitcoin because it gives individuals the opportunity to reject the private monopoly and control over people’s assets for the first time in history

    “Part of my conversation [with SBF] as if he needs liquidity, maybe there are businesses that he has bought or he has that we would want to own. Maybe there are investments that we would want own. Would we have bought some of those from him? I think that was on the table.”

    On Nov. 16 and 17, 2022, during the 6th annual RippleSwell conference in London, Mr. Garlinghouse revealed that former ftx exchange CEO Sam Bankman-Fried had called him two days prior to the company declaring bankruptcy in an effort to gather investors to save it.

    He also took to Twitter and explained in a long thread 

    “With all that’s happening in the past few weeks (and over the course of this year’s ups and downs), it feels even more imperative that we’ve gathered together in person to have honest conversations about solving real-world problems with crypto and blockchain. As I said on stage – I firmly believe that crypto will be stronger because of this if we keep focusing on transparency and trust. Ripple has and will continue to lead in this regard.”

    What’s Next For Ripple Vs SEC?

    Regarding the SEC’s (Securities and Exchange Commission) lawsuit against ripple , founder chris larsen , and co-founder Garlinghouse, Brad Garlinghouse and stuart alderoty both anticipate a decision in the first half of 2023. Final legal briefs must be submitted by Nov. 30 in order for the court to make a decision or schedule a jury trial.

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