Share this article
FTX, a major cryptocurrency exchange and crypto futures trading platform, has raised $900 million in a new funding round.
Funding Round Attracts Top Investors
The Series B funding round brought in money from over 60 investors including SoftBank Group Corp, Sequoia, Thoma Bravo Ribbit Capital, and VanEck. Two crypto exchange funds, Coinbase Ventures and Circle, also participated in the fundraiser.
The newly-added funds put FTX’s valuation at $18 billion. Its press release notes that it has seen “tremendous growth” since its launch in May 2019, with revenue growing by a factor of 75 since its 2020 Series A funding round and a factor of ten this year alone.
The firm noted that this is the largest fundraiser in crypto exchange history. Other large fundraisers include Circle’s $440 million round in May 2021 and BlockFi’s $350 million round in March 2021.
FTX Will Use Funds to Expand
FTX CEO Sam Bankman-Fried commented that he is “incredibly humbled by the support we’ve gotten.” He added that FTX has formed a “hugely valuable set of partners” and that the new funds will help the firm “build out a bigger and broader vision.”
The exchange says that it will use its newly raised funds to expand its product line, grow its user base, make strategic investments, and expand partnerships. In particular, it plans to expand partnerships for its Pay, Liquidity, and NFT product lines.
FTX is currently a top-five exchange, with a daily volume of $1.1 billion. It has recently gone mainstream with branding deals; notably, it has gained naming rights to the former American Airlines Arena and added its name to a major e-sports league.
Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
FTX Integrates Copper Tool Eyeing Institutional Market
The move will allow institutions to trade FTX products through Copper’s platform without needing to deposit their assets to a hot wallet to trade. FTX Move Paves Way for Institutional…
Efficient Market Hypothesis: Does Crypto Follow?
The Efficient Market Hypothesis (EMH) is a concept in financial economics which states that security prices reflect all the available information about a financial instrument. EMH is one of the…
Tom Brady, Gisele Bündchen Back FTX Exchange
American football superstar Tom Brady and his supermodel partner Gisele Bündchen have taken an equity stake in the cryptocurrency exchange FTX. FTX Targeting Explosive Growth Tom Brady and Gisele Bündchen…
Major League Baseball Has Adopted FTX As Official Crypto
Major League Baseball has just announced its partnership with FTX, the first-ever sponsorship of a professional sports league by a crypto brand. The Biggest Sports Partnership in Crypto The partnership…