Ripple intends to buy FTX’s assets

The San Francisco-based company is considering buying the assets of the failed exchange FTX. San Francisco-based crypto-currency company Ripple is interested in buying the assets of crypto-currency exchange FTX, according to the Times.

Ripple CEO Brad Garlinghouse is reportedly ready to buy the parts of the exchange that serve business customers. The company is also interested in other businesses that made up the sprawling portfolio of the FTX crypto empire.

This would allow Garlinghouse to strategically scale the company, which aims to continue growing even during the current bear market.

FTX ended up filing for Chapter 11 bankruptcy protection 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 stressed that the crypto-currency industry needs to mature.

In August, Ripple also said it was interested in buying the assets of bankrupt crypto-currency lender Celsius.

The company, which is linked to the popular XRP crypto-currency, 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 entangled in a grueling legal battle with the U.S. Securities and Exchange Commission, which is expected to be resolved in the second half of 2023.