Goldman Sachs Boss Had A Meeting with FTX CEO Ahead of Potential Public Debut
As stated in a Thursday report by the Financial Times, Goldman Sachs boss David Solomon had a closed-door meeting with FTX founder Sam Bankman-Fried in the Caribbean in March. The hallmark of the meeting was to forge closer ties between one of the largest banks and the upstart cryptocurrency exchange.
According to people familiar with the matter, the discussion was mainly aimed at regulatory issues in the U.S. Goldman is willing to aid FTX to engage with American regulatory agencies, including the Commodity Futures Trading Commission (CFTC).
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On top of that, Solomon also expressed his willingness to provide traditional banking services for the exchange.
The two also discussed FTX’s potential public listing as well as future fundraising. Goldman is willing to help one of the leading cryptocurrency exchanges in raising more capital.
In February, Bankman-Fried told Bloomberg that he did not feel forced to launch a previous public offering due to unpalatable market states.
Public crypto companies, including the Coinbase exchange, have largely underperformed Bitcoin and other cryptocurrencies in 2022.
FTX notched an eye-popping $32 billion valuation in late January after wrapping up a $400 million Series C fundraise.
The exchange, which was founded less than three years ago, has become one of the biggest players in the cryptocurrency market.
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Last year July, Bankman-Fried said that acquiring Goldman would not be “ out of the question “ if the exchange’s value were to have continuous growth. Such an endeavor is still too ambitious for the FTX exchange given that one of the biggest U.S. banks is currently valued at $113.77 billion.
As reported by U.Today, Goldman introduced its Bitcoin trading desk in 2018 and later decided to relaunch it in March 2021 due to growing demand.
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