The psychological tango between the heads of Binance and FTX could have a longer-term impact beyond the price drop of the latter exchange’s native token. Industry participants chimed in before news came out about the companies’ potential merge.
Binance founder Changpeng Zhao tweeted Tuesday morning that the exchange had signed a non-binding letter of intent to fully acquire FTX.com.
The news comes after Alameda Research’s balance sheet, reported by CoinDesk last Wednesday, showed about 40% of the firm’s $14.6 billion of assets were attributed to FTT, the token that powers trades on FTX.
Alameda Research was founded by FTX CEO Sam Bankman-Fried.
Solana (SOL), the cryptocurrency behind the blockchain backed by Bankman-Fried, accounted for about 8% of Alameda’s assets.
Alameda CEO Caroline Ellison rebuffed claims on Sunday that the firm is on the verge of insolvency, tweeting that the leaked balance sheet didn’t provide the full scope of Alameda’s assets.
Zhao later t
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