Breaking: A crypto firm based in Abu Dhabi plans to acquire FTX. But there’s a catch
The company announced Friday that Hayvn, a crypto trading firm, is based in Abu Dhabi. It is considering a bid to buy FTX’s collapsed payments business FTXPay. Hayvn executives see FTXPay as a suitable business that matches the Hayvn Payment infrastructure. FTX Crypto Exchange is reportedly looking to sell or reorganize its subsidiaries including the payments business.
In December 2021, the Abu Dhabi Global Market approved virtual asset trading company Hayvn. Hayvn is currently considering acquiring crypto exchange FTX’s payments business FTX Pay. This perfectly matches Hayvn Pay infrastructure, reported The National, November 25.
Christopher Flinos, Hayvn’s co-founder and CEO, stated that FTXPay is a valuable asset because of its relationships to big companies like Mastercard. It also has a solvent balance sheet and a stronger management team.
“We are happy to see that some of the FTX businesses have solvent balance sheets, responsible managers, and valuable franchises. Once they have the court’s permission, we are open to discussing their bankers, Perella Wineberg.
FTX, Alameda Research and its subsidiaries filed for Chapter 11 bankruptcy protection in the U.S. November 11. Sam Bankman-Fried resigned from his position as CEO. John J. Ray III, an insolvency veteran, became CEO of FTX in order to oversee the restructuring of the company.
Despite ongoing bankruptcy proceedings, Hayvn board approved a plan for FTXPay through a public process. The company isn’t buying FTX Pay because of its technology, but because of its relationships.
Hayvn Pay has partnered up with UAE companies, including Damac Properties, developer Nakheel and the government in Dubai to make it possible for people to purchase property using cryptocurrency.
“Acquiring FTXPay will help us solidify our position in the global leader in cryptocurrency payments solutions.”
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