The Mercedes Formula One team said hours before the start of the Brazilian Grand Prix in Sao Paulo that they would maintain the brand of the exchange of FTX cryptocurrencies, “for now”.
But he also said that the company is “assessing” how things are progressing with the exchange of digital assets which is presumed to be on the verge of bankruptcy.
FTX, one of the exchanges largest in the world (until a week ago it was the second behind Binance), was affected by a raid of withdrawals from clients alarmed by a potential bankruptcy.
The CEO and founder, Sam Bankman Friedis planning to raise some $9 billion from investors and rivals to save the company.
In this context, Mercedes analyzes the steps to follow with the brand that is one of its key sponsors, with whom it signed a three-year contract in September 2021.
A spokesman for the team told Reuters that they were “evaluating the situation” and that, until now, the brand will remain in the racing vehicles of the greatest winner of Formula 1 world championships, Lewis Hamiltonand also from the British George Russell.
This weekend, in Interlagos, the penultimate race of the season will be held, which will end in Abu Dhabi on November 20.
Tron wants to save FTX
On the other hand, the founder of Tron, justin sunsaid this Friday that he can “save FTX from disaster.”
Sun would be ready to offer “billions” in financial aid with the idea of saving the exchange from going bankrupt, published a journalist from BloombergNews.
According to the version that was published on Twitter, the contribution seeks to “show unity in the crypto industry.”
US regulators have frozen some of FTX’s assets and other exchanges are closely monitoring the situation as a potential insolvency of the trading company Bankman–Fried it could spark even more panic in the sector, which is already down more than 20 percent in just a few days.
On Thursday, Binance decided to change its initial idea of bailing out FTX, according to the Wall Street Journalthe exchange decided not to proceed with the non-binding offer made on Tuesday after reviewing the financials of its rival.
For some experts, beyond the problems with FTX’s finances, the idea of offering help and then withdrawing it was a strategy by Binance to further complicate the finances of its competition.
In a Wednesday communication with FTX investors, Bankman–Fried He told them that he needs emergency financing due to the large number of withdrawal requests from clients. Those withdrawals caused the exchange to lose its liquidity.
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