Sam Bankman-Fried's FTX Ventures and Anthony Scaramucci's SkyBridge deal marries the companies' love for crypto with the safety of more stable investments.

The hedge fund, run by president Donald Trump's former comms director, will use money from SBF to buy $40 million in crypto and hold it on its balance sheet.

Hi. I'm Aaron Weinman. One of the more interesting developments last Friday happened in the crypto space. Sam Bankman-Fried — founder of crypto exchange FTX and known by his initials SBF — acquired a 30% stake in SkyBridge Capital, an alternative investment firm.

The deal was inked through SBF's venture-capital firm FTX Ventures and will support growth initiatives for SkyBridge.

SkyBridge, the hedge fund run by Anthony Scaramucci, will use the money from FTX to buy $40 million in cryptocurrencies, which it will hold on its balance sheet.

The hedge fund's decision to bet big on crypto comes during a tough patch for SkyBridge because its holdings of digital assets have plummeted and investors have sought redemptions from the fund.

FTX, meanwhile, has been somewhat of a savior to the crypto space. The exchange has acquired crypto peers under financial duress, including the Bitvo Exchange in June, and expanded into products like stocks and options.

For more on the deal, check out this article from the New York Times.

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1. FTX Ventures and Scaramucci's SkyBridge ink a deal amid the crypto winter. The deal not only leans into both parties' love for digital assets, but gives the pair a chance to delve deeper into "non-crypto-related investments," SBF said in a press release.

Leaning into non-crypto products, like stocks and options for example, could prove a safety net given crypto assets have slumped in value.

SBF — who believes the mass adoption of crypto would require user-friendly interfaces and greater regulations — also frequently visits Washington to talk policy, according to the Times. Scaramucci, known for his brief stint as President Trump's communications director, started taking the digital-asset space seriously when he learned of Treasury officials talking up blockchain's potential in 2017.

In a way, FTX's investment in SkyBridge is fitting. The two companies forged deeper ties in April when they hosted an event together in the Bahamas, SBF's new home. Both SBF and Scaramucci shared a stage and wore matching outfits.

In case you missed it, here are some stories on SBF from Insider:

• "I think the shoes have dropped": SBF says we may have reached the bottom.
• SBF gets by on four hours' sleep and multitasks on six screens. Insiders break down what the crypto billionaire is really like and the tough questions facing his company.

In other news:

2. Google Cloud's Office of the CTO is a group of former tech executives who work on some of the company's most ambitious projects. The team works with Google's biggest cloud clients, and two execs took us inside the little-known task force.

3. My summer from hell on Wall Street. How 80-hour weeks, an "abusive" culture, and a fear of superiors led this intern to turn down a six-figure salary from an investment bank.

4. PayPal's competitive internship program got more than 40,000 applications for one role last year. A recruiting lead told Insider how to get a spot for the coveted position.

5. Goldman Sachs' asset-management arm has hired Elizabeth Burton to advise institutional clients, Reuters reported. Burton will be a managing director and client investment strategist within Goldman Sachs' client solutions and capital-markets business.

6. Viking Global Investors eked out a 1% monthly gain, while peers like Tiger Global and D1 finished flat, Bloomberg reported. When stocks plunged earlier this year, these funds sold off shares to halt the bleeding.

7. Josh Harries, cofounder of Apollo Global Management, launched a new alternative asset management firm called 26North. The new firm said it launched with more than $5 billion in assets under management. Mark Weinberg, formerly of Brookfield Asset Management, will lead the private-equity business, and former Goldman Sachs banker Brendan McGovern will lead its private-credit unit.

8. JPMorgan has hired a former Microsoft executive to its digital-assets payments group, Coindesk reported. Tahreem Kampton, Microsoft's former corporate treasurer and chief investment officer, joined JPMorgan Payments, an area focused on digital payments and blockchain technology.

9. Ashley Wilson, BNP Paribas' global head of prime services, has reversed a decision to leave the French bank, Reuters reported. He has decided to stay with BNPP, which he joined from Deutsche Bank in June last year.

10. "Quiet quitting" is nothing new — and bad managers are to blame. In the past two years, the number of workers who "quiet quit" has soared, according to a new study. You can also listen to Conan O'Brien's assistant, who quiet quit for over a decade, on The Refresh from Insider, available here. 

Done deals:

• Private-equity firm FFL Partners has sold its stake in fintech consultancy Accordion to Charlesbank Capital Partners. The transaction also includes an investment from Motive Partners, a fintech-focused private-equity firm.
• Ardian has closed its $2.1 billion Ardian Americas Infrastructure Fund V. Proceeds will be invested in middle-market assets across the telecommunications, transportation, and energy transition sectors. The fund nabbed more than 60 investors from 17 countries. Ardian's infrastructure team now has more than $21 billion in assets under management.

Curated by Aaron Weinman in New York. Tips? Email aweinman@insider.com or tweet @aaronw11. Edited by Hallam Bullock (tweet @hallam_bullock) in London.