The San Francisco-based company plans to buy the assets of bankrupt exchange FTX. San Francisco-based cryptocurrency firm Ripple is interested in buying the assets of cryptocurrency exchange FTX, according to the Times.
Ripple CEO Brad Garlinghouse is reportedly ready to buy the parts of the exchange that serve professional clients. The company is also taking an interest in other businesses that made up the sprawling portfolio of the FTX crypto empire.
This would allow Garlinghouse to strategically scale the business, which aims to continue growing even during the current bear market.
FTX ended up filing for Chapter 11 bankruptcy on Nov. 11 after failing to secure a bailout from a series of investors.
According to the article, Garlinghouse was among those approached by former FTX CEO Sam Bankman-Fried for funding as the stock market imploded.
In a recent interview with CNBC International, the CEO of Ripple suggested that the FTX exchange was a fraudulent system. Garlinghouse also pointed out that the cryptocurrency industry needs to mature.
In August, Ripple also said it was interested in buying the assets of bankrupt cryptocurrency lender Celsius.
The company, which is tied to the popular cryptocurrency XRP, is currently working to expand into the European market. It is currently looking to acquire a virtual asset service provider (VASP) in Ireland.
Ripple is currently embroiled in a grueling legal battle with the United States Securities and Exchange Commission, which is expected to be resolved in the second half of 2023.