Crypto giant Binance has helped cover a 'liquidity crunch' at rival FTX in a surprise move that lifted cryptocurrencies on Tuesday.
signed a non-binding agreement to buy rival FTX’s non-US unit, FTX.com, to help cover a “liquidity crunch” at the cryptocurrency exchange, in a surprise move that lifted cryptocurrencies on Tuesday.
He said Binance, the world’s biggest crypto exchange, will be conducting due diligence in the coming days as the next step towards an acquisition of FTX.com. The US operations of Binance and FTX are not part of the deal, Bankman-Fried said in a separate tweet. The deal is the latest emergency rescue in the world of cryptocurrencies this year, as investors pulled out from riskier assets amid rising interest rates. The cryptocurrency market has fallen by about two-thirds from its peak to US$1.07-trillion.
The deal comes after the in-house token of major crypto exchange FTX slumped, losing a third of its value and dragging down other major digital assets, amid talk of pressure on FTX’s financials.
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