Published , by TJ Denzer
Published , by TJ Denzer
As the FTX company and its shareholders move to salvage what’s left of the major collapse of the crypto exchange in chapter 11 bankruptcy, it has forced a number of further crypto related entities to take stock of their own health. FTX had a long-branching network worldwide and many groups that had assets in the platform now find themselves on the short end of the stick. Not Immutable though. The Web3 developer recently shared that it had avoided having any cash or assets in FTX and will seemingly not be affected by it. In fact, co-founder Robbie Ferguson claimed the company has about 3.5 years of cash runway.
Ferguson made this claim on his personal Twitter where he shared a few more details about Immutable’s state in relation to FTX. Simply put, Immutable seem to have any funds or assets tied up in FTX’s platform. What’s more, Ferguson claims that the company will be able to float on the cash it has for a few more years as is.
The collapse of FTX and its subsequent filing for chapter 11 bankruptcy took place last week. Since then, several other companies that were close or partnered with FTX have been forced to respond to the matter. Team SoloMid is sponsored by FTX and is currently exploring legal options. Meanwhile, GameStop ended its partnership with FTX and will be providing refunds on crypto gift card purchases. Immutable and GameStop in particular are also partners on its crypto marketplace and have been working on Web3 games and promotions such as Gods Unchained NFT trading card packs for PowerUp Rewards members.
It seems Immutable was unscathed by the FTX collapse, but many others haven’t been so lucky. Stay tuned as we continue to follow this story for further updates and details as they become available.