Alameda Research and FTX Merge Venture Operations: Report

Alameda's investment arm, FTX Ventures, and FTX crypto exchange will continue to operate independently of each other. New

The investment arm of Sam Bankman-Fried's cryptocurrency exchange, FTX, has reportedly absorbed Alameda Research's venture capital operations in response to the ongoing crypto bear market.

According to a Thursday report by Bloomberg, Alameda's Caroline Ellison said in an interview that the merger took place before former co-CEO Sam Trabucco announced his resignation on Wednesday, leaving Ellison as the sole CEO of the company. The crypto exchange's investment arm, FTX Ventures, launched in January - when the Alameda takeover reportedly began - with $2 billion in assets under management.

BREAKING: FTX and Sam Bankman-Fried's Alameda have merged their venture capital operations as the billionaire faces a prolonged crypto winter https://t.co/ 5bXiTHphzs pic.twitter.com/EYUSa2bItG

Amy Wu, who heads the venture capital fund, reportedly said no payments were made under the deal, and Alameda's investment arm was entirely under FTX Ventures, both operating independently of each other and the crypto exchange. According to Wu, the two companies were still operating "at arm's length", with the Alameda team not "working too much on the day-to-day business side".

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