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Binance and FTX are actively looking to support struggling crypto companies Conversations around acquisitions turned mainstream after FTX started talks to acquire crypto lender BlockFi for $25 million The bear market has led to a series of fire sales.

Binance CEO Changpeng Zhao now says the exchange likely had first pick over its competitor FTX, which is in talks to acquire crypto lender BlockFi for just $25 million.

“I’m pretty confident that we have by far the largest cash reserve right now.” Although Zhao saw the importance of lending a hand to struggling crypto companies, he emphasized that “not all projects are worth saving.” “We don’t want to bail out companies that are mismanaged,” he said.

“We [should] all do what we can.” Some in the industry believe Zhao and FTX CEO Sam Bankman-Fried are working together to support key parts of the crypto industry that are under threat as the liquidity crunch unfolds.

“We want to get to around 8,000 people by the end of the year,” Zhao said.