Image Credits: Tom Williams/CQ-Roll Call, Inc / Getty Images
The world's largest exchange by volume signed a letter of intent to buy its nearest competitor, FTX, after the CEOs of the exchanges engaged in a multiday public dispute.
Alex Taub, founder and CEO of Upstream, said in a message that it was like "real-life " Game ofThrones" The acquisition news was larger than the Red Wedding scene.
The sale of FTX's business was seen as a win by the company. Sam Bankman-Fried, founder and CEO of FTX, thanked Changpeng "CZ" Zhao and the rest of the team for the deal. The entire industry will benefit from this user-centered development. CZ has done an amazing job of creating a freer economic world.
It was a slam-dunk outcome for the company. While raising questions about FTX's solvency and financial performance, investors, founders and operators noted that the deal makes Binance appear strong despite a bear market.
According to Serhii Zhdanov, the CEO of the exchange, it is time for the market to check everyone for weakness. Exchanges' main income is from trading fees, while their main damage is due to lowliquidity. To understand how tough the situation is, it is necessary to check the change in trading volumes.
It is time for mergers and acquisitions. There may be more such stories in the future.
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