Breakdown: An Abu Dhabi-based crypto firm plans to acquire FTX, but there’s a catch

Abu Dhabi-based crypto trading firm Hive is bidding for FTX Pay, the company announced on Friday. HighVine executives consider FTX Pay to be a suitable business fit for HighVine’s payment infrastructure. Cryptocurrency FTX is reportedly planning to sell or reorganize subsidiaries, including its payments business.

Hive plans to bid for FTX payments business

Abu Dhabi Global Market has granted regulatory approval to virtual asset trading firm Hive in December 2021. Hevn is now considering acquiring crypto exchange FTX Pays because it perfectly matches Hevn Pay’s infrastructure, The National reported on November 25.

Christopher Flinos, Hive’s co-founder and CEO, said FTX Pay is a valuable asset to Hive’s relationship with large companies such as Mastercard. Moreover, it is said to have a solvent balance and a better management team.

We are pleased to learn that some FTX businesses have solvent balance sheets, responsible management and valued franchisees. We are open to discussions with their bank, Perella Weinberg, once they receive the court’s permission to proceed.

In the year November 11 In the US, FTX, Alameda Research and subsidiaries file for Chapter 11 bankruptcy. Sam Bankman-Fried CEO and bankruptcy veteran John J. Ray III become FTX CEO to lead restructuring of the company.

While bankruptcy proceedings are underway, Hyvin’s board has approved plans to bid for FTX Pay through a public process. The company is buying FTX Pay for its connectivity, not its technology.

Haven Pay has partnered with UAE companies including Damac Properties, developer Nakheel and the Dubai government to allow people to buy property using cryptocurrencies.

“Acquiring FTX Pay will help strengthen our position as a global leader in cryptocurrency payment solutions.

Binance may acquire FTX assets.

Binance CEO “CZ” previously confirmed that the crypto exchange is involved with FTX and Genesis and may acquire FTX assets. Alvarez & Marsal, FTX’s restructuring adviser, reported during the bankruptcy hearing that the company had a cash balance of $1.24 billion.

Binance’s CEO allocated another $1 billion in BUSD for industry recovery initiatives, increasing its balance sheet to over $2 billion.

Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by disruptive technologies, he shares his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and Internet of Things. He has been associated with the blockchain and cryptocurrency industry for quite some time and is currently covering all the latest updates and developments in the crypto industry.

The content provided may include the author’s personal opinion and is subject to market conditions. Do market research before investing in cryptocurrencies. Neither the author nor the publication assumes any responsibility for your personal financial loss.

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