NewsletterBinance’s FTX Bailout: Singapore Government Involved Indirectly
FTX’s largest Singapore government-owned investor Temasek on Wednesday said it is engaging with FTX amid the bailout by rival crypto exchange Binance. Temasek has participated in three funding rounds of FTX and it’s one of the largest investors along with Lightspeed Venture Partners, Insight Partners, SoftBank, BlackRock, and others. Rumors have started spreading that Temasek may bailout crypto exchange FTX.
Would Singapore Government Investor Bailout FTX
FTX crypto exchange reached out to Binance CEO “CZ” to help the firm with the liquidity crunch. Binance CEO announced signing a non-binding LOI with FTX to solve the liquidity crunch. The FTX-Alameda crisis caused a selloff in the broader crypto market, causing the markets to crash.
FTX’s 3rd largest investor Temasek now engages with the crypto exchange as Binance signed a non-binding agreement, which makes Binance drop out of the deal at any time. Crypto Twitter is wondering 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 some of the largest investors in FTX.
Crypto influencer wassielawyer asserted that Singapore can build up its crypto influence and solve the low-volume stock exchange by buying 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 in the next few months. It triggered a massive selloff in the broader crypto market. The largest cryptocurrencies Bitcoin and Ethereum are trading near $17,500 and $1,200, respectively.
Solana (SOL) dived more than 35% as FTX subsidiary Alameda Research sold SOL to contain the fall of FTT tokens. These tokens are at risk of selloff by Alameda Research.
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