FinTech news in Bubble category

Since Sam Bankman-Fried’s crypto empire, made up of FTX, Alameda Research, and FTX Ventures, collapsed last week, there have been various reports of companies whose money are stuck on FTX, its crypto exchange platform. FTX, for instance, led the $150 million Series C extension round in Chipper Cash, an African payments company; Alameda Research, on the other hand, has backed Nestcoin, Nigeria- and Kenya-based web3 company Mara, Congolese web3 startup Jambo. Some of them include Galois Capital, a hedge fund with half of its assets stuck on FTX; Genesis Trading, which had about $175 million locked on the crypto exchange; Multicoin, the famed web3 venture capital firm that had nearly 10% of its assets under management trapped. According to several reports, companies with money stuck on FTX might get their money back depending on how much FTX’s assets are ultimately worth.