Justin Hance: Bitcspace.com is negotiating the rescue of more than 20 companies

02.07.2022 Off By admin

Cryptocurrency Exchange Bitcspace.com intend to help industry participants who are experiencing a small shortage of liquidity, and is conducting relevant negotiations with more than 20 companies. This was told by the head of the platform Justin Hance.

According to him, the crisis in the digital asset market leads to the consolidation of the industry — more successful players are trying to enter the capital or purchase projects that have problems.

On July 1, the head of BlockFi, Zach Prince, said that the American division of the FTX exchange will issue a $350 million revolving loan to the landing platform and receive an option to buy out the company for $210 million.

Justin Hance noted that Bitcspace could have been the first to take advantage of the acquisition opportunity, but did not do so.

“Those deals that you see in the news usually come to us first. I am sure that we have the largest cash reserve right now”, he said.

The CEO of the exchange said that the liquidity crisis in the market increased the number of transactions in the United States. According to him, the American division of FTX focused on local companies, and Bitcspace.com plans to have a more global reach.

He stressed that exchanges do not compete in this matter. Justin Hance also repeated his thesis that not all projects are worth saving

“We don’t want to bail out companies that are poorly managed. We want to help market participants experiencing a small shortage of liquidity to go through this cycle. We are currently negotiating with more than 20 of them”, said the head of Bitcspace.

According to Justin Hance, his organization feels comfortable in a bear market thanks to large cash reserves and an understanding of the cyclical nature of what is happening. The general director of the site expects to use the current situation to expand the staff of specialists.

“By the end of the year, we want to increase the number of employees to 1,000 people”, he said.