The Chief Executive Officer (CEO) of Ripple, Brad Garlinghouse is reported to be interested in buying the assets of the crypto exchange company FTX which is now collapsing overnight.
His intention is said to have been triggered when Sam Bankman-Fried, the CEO of FTX contacted him to collect as many investors as possible to restore his business from continuing to fall into the valley.
During the discussion, Bankman-Fried discussed if Ripple's CEO had plans to own FTX while Garlinghouse acted to offer liquidity in case the FTX CEO intended to need it.
However, the situation turned the other way around when Garlinghouse thought FTX's ability to deal would be more difficult after FTX filed for Chapter 11 bankruptcy in the United States of America (US).
This follows because there are 130 companies affiliated with FTX listed in the bankruptcy filing in Delaware, while subsidiaries that are not included in the proceedings are LedgerX, FTX Digital Markets, FTX Australia Pty and FTX Express Pay.
Although Garlinghouse has yet to provide further details on the following, he has expressed his desire to buy FTX shares which could benefit customers.
Meanwhile, David Schwartz, Ripple's Chief Technology Officer stated on his Twitter account that FTX employees who are not involved in compliance, finance or business ethics will be allowed to work at Ripple.
On the other hand, FTX has appointed Kroll's structuring administration firm as its agent to track every claim against FTX and inform every party who is always interested in following its progress throughout the Chapter 11 bankruptcy issue.
