FTX’s largest Singapore government-owned investor Temasek on Wednesday said it’s partaking with FTX amid the bailout by rival crypto exchange Binance. Temasek has participated in three funding rounds of FTX and it’s one of many largest traders together with Lightspeed Venture Partners, Insight Partners, SoftBank, BlackRock, and others. Rumors have began spreading that Temasek could bailout crypto change FTX.
Would Singapore Government Investor Bailout FTX
FTX crypto exchange reached out to Binance CEO “CZ” to assist the agency with the liquidity crunch. Binance CEO introduced signing a non-binding LOI with FTX to resolve the liquidity crunch. The FTX-Alameda disaster prompted a selloff within the broader crypto market, inflicting the markets to crash.
FTX’s third largest investor Temasek now engages with the crypto change as Binance signed a non-binding settlement, which makes Binance drop out of the deal at any time. Crypto Twitter is questioning if Temasek would go for a state-sponsored bailout.
“We are aware of the developments between FTX and Binance, and are engaging FTX in our capacity as a shareholder.”
Lightspeed Venture Partners, Insight Partners, BlackRock, Ontario Teachers Pension Plan, Paradigm, Tiger Global, SoftBank, Circle, Sequoia, Ribbit Capital, Multicoin Capital, and VanEck are a number of the largest traders in FTX.
Crypto influencer wassielawyer asserted that Singapore can construct up its crypto affect and resolve the low-volume inventory change by shopping for FTX with the nation’s pension funds.
“Singapore has a pretty shit low volume stock exchange which they have been trying (and failing) to build up for years. Easy fix here – just buy FTX with the nation’s pension funds!”
Crypto Market Tumbles
The crypto market tumbled after FTX Token (FTT) fell over 30% after Binance CEO “CZ” revealed selling all FTT within the subsequent few months. It triggered a large selloff within the broader crypto market. The largest cryptocurrencies Bitcoin and Ethereum are buying and selling close to $17,500 and $1,200, respectively.
Solana (SOL) dived greater than 35% as FTX subsidiary Alameda Research offered SOL to include the autumn of FTT tokens. These tokens are at risk of selloff by Alameda Research.
The introduced content material could embrace the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty in your private monetary loss.
