Abu Dhabi Wealth Fund Saves Bankrupt FTX in Million-Dollar Deal

1. Alameda Research to sell stake in Sequoia Capital to Abu Dhabi fund for $45M.
2. Sale pending approval from Delaware bankruptcy judge.
3. FTX selling off investments, including Sequoia Capital stake, to pay off creditors.

In a recent development in the bankruptcy case of cryptocurrency exchange FTX, Alameda Research, the investment arm of FTX, has agreed to sell its stake in Sequoia Capital to the Abu Dhabi sovereign wealth fund for $45 million in cash.

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According to court documents from the United States Bankruptcy Court for the District of Delaware, Alameda Research will sell its remaining stake in venture capital firm Sequoia Capital to Al Nawwar Investments RSC Limited, a company owned by the government of Abu Dhabi. The deal is expected to be completed by March 31, pending approval from the Delaware bankruptcy judge John Dorsey.

FTX is selling off its investments, including its stake in Sequoia Capital, in order to pay off its creditors. Other assets being sold off include the derivatives platform LedgerX, the stock-clearing platform Embed, and FTX Japan and FTX Europe, the company’s regional branches.

The sale of the stake in Sequoia Capital to the Abu Dhabi sovereign wealth fund marks the latest news in the bankruptcy case of FTX. The deal is seen as a positive development for FTX as it continues to work towards settling its debts and moving forward.

In other news, Binance CEO Changpeng Zhao (CZ) went live on Twitter Spaces to announce an unusual promotion: there would be no fees for buying cryptocurrencies on the exchange throughout the whole month of March.

CZ stated that the promotion is in honor of International Women’s Day, and he extended his gratitude and admiration to all women, particularly those in the cryptocurrency business.

In fact, CZ highlighted Binance’s Customer Service Officer and co-founder Yi He earlier today. According to him, Yi was essential in the success of the exchange from the beginning.

Read also:

• Sequoia Capital Dumps Its Stake in FTX to Zero
• Abu Dhabi to Host Inaugural Middle East Blockchain Awards
• Venom Foundation and Hub71 Partner to Accelerate Growth and Adoption of Blockchain Technologies from Abu Dhabi
• UAE Adopts Blockchain to Speed up Commercial Judgments
• FTX Seeks to Question SBF`s Parents and Brother’s Wealth