The venture arm of crypto exchange FTX is ready to accumulate 30% of another investment firm SkyBridge Capital, the companies revealed Friday.
SkyBridge, founded by Anthony Scaramucci in 2005, will use a part of the proceeds to purchase $40 million in cryptocurrencies for its company balance sheet as a long-term investment, with the remaining set aside to fund new initiatives.
An SEC-registered investment adviser, SkyBridge managed roughly $2.5 billion, as of June 30, including about $800 million in digital assets.
Scaramucci known as FTX CEO Sam Bankman-Fried a “visionary” in a statement, noting that the enterprise will stay a diversified asset management firm that invests heavily in blockchain.
The investment follows a partnership between FTX and SkyBridge to sponsor SALT conferences in North America, Asia and the Middle East, as well as to co-present April’s Crypto Bahamas convention, where FTX earlier this year pledged to set up a headquarters.
“We noticed there was a possibility to work nearer collectively in ways that could complement each our companies,” Bankman-Fried mentioned in a press release. “We look forward to collaborating intently with SkyBridge on its crypto investment exercise and likewise working alongside them on promising non-crypto-related investments.”
Particular phrases of the deal weren’t disclosed. Spokespeople for the businesses didn’t instantly return a request for comment.
The funding comes a day after FTX Ventures revealed funding in Mysten Labs, builder of the Sui blockchain. The fund led its $300 million Series B round, which valued Mysten at greater than $2 billion.