Samsung’s investment arm, Samsung Next, also suffered from the collapse of FTX. The company participated in a $420 million funding round from FTX last year.
After investing in the exchange during a funding round last year, Samsung is next in a long list of those to suffer due to FTX’s collapse. The company’s contribution to the $420 million funding round is unknown, but it has issues with its investment.
Samsung’s investment arm – Samsung Next – focuses on investments in six areas: artificial intelligence (AI), fintech, healthcare, infrastructure, media technology and blockchain. FTX is one of his most notable investments.
The company now joins several others hit by the FTX collapse, including BlockFi, Sequoia Capital, Temasek, Tiger Global and Softbank. He said the amount he invested in FTX was small compared to his total operating funds. As such, there is no reason to worry about its operations.
The collapse of FTX continues to impact the market, and there could be more such news in the weeks to come. The extent of the damage prompted regulators to step up their acceleration of checks on the market.
Samsung is investing heavily in the crypto industry
The investment arm was founded in 2013 and is headquartered in Silicon Valley. It is an innovation group that has made multiple investments in technology. This includes several companies in the blockchain and cryptocurrency industry.
Some of the crypto companies he has funded include Flow, Alchemy, SuperRare, CryptoKitties, Dapper Labs, and ImmuneFi. Following its investment in FTX last year, the company said it believes “FTX is at the forefront of Web 3.0.”
As expected in such statements following an investment, Samsung Next praised FTX for its regulation and efficiency in its aim. The company hasn’t said much after FTX collapsed and lost its investment.
Sequoia, Paradigm and others write off investments
Samsung Next is far from the only company affected by the FTX collapse. And it’s certainly not the worst. Some, like Sequoia and Paradigm, have decided to write off their investments completely.
The Ontario Teachers’ Pension Plan, which has come under scrutiny for its investment in FTX, is also writing off the investment. He had invested $95 million but said his loss would have a limited impact on the plan.
The takeaway is that big investment firms are now paying more attention to their crypto investments. The collapse of FTX has resulted in the loss of some trust in the crypto industry, and companies must strive to regain it.
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