Bet network operator Betfair is reportedly set to raise as much as $2bn in a $2.2bn deal that will see it buy back the entire cryptocurrency market.
The deal was announced by CEO, Brian Hartung, on the firm’s earnings call last week.
“We believe that Bitcoin is a viable investment platform for both the small and medium-sized businesses,” said Hartung.
“Our network provides a reliable and trusted platform to buy, sell, and trade Bitcoin and other digital currencies.”
“It is time for the global financial services industry to step up and support the Bitcoin economy,” said Daniel Altman, managing director of Betfair.
“In order to achieve our stated goal, we will invest heavily in the network and create a platform that will enable both the largest and the smallest financial institutions to transact in Bitcoin, and we look forward to working with our customers to help them get started.”
The buyback plan follows the recent rise in price of Bitcoin.
At one point, Bitcoin was worth around $1,000, making it one of the most valuable currencies on the planet.
But it’s now trading at less than $600.
While Bitcoin has had a positive run for the past two years, it’s still in its infancy.
There are still some unknowns, such as how long Bitcoin can sustain a stable price.
The bitcoin community is currently considering a hard fork to make Bitcoin more stable.