Bitcoin News

Crypto Exchange FTX Raises $900M in Series B Financing with a Market Cap valued at $18B

The famous American cryptocurrency exchange giant FTX.COM announced the completion of a $900 million Series B financing dedicated to expanding FTX’s international influence, expanding the company’s business, and aiming at becoming the top exchange worldwide within two years.

The financing amount is as high as $900 million, one of the biggest financings of a cryptocurrency company in history. After completing this financing, the company’s market value will reach $18 billion.

FTX Trading Ltd reveals there are 60 investors to get involved, including Paradigm, Sequoia Capital, Thoma Bravo, SoftBank, Ribbit Capital, Insight Partners, Third Point, Lightspeed Venture Partners, Altimeter, BOND, NEA, Coinbase Ventures, Willoughby Capital, 40North, Senator Investment Group, Sino Global Capital, Multicoin, the Paul Tudor Jones family, Izzy Englander, Alan Howard, VanEck, Hudson River Trading, and Circle.

29-year-old billionare and the CEO of FTX, Sam Bankman-Fried said:

“I’m incredibly humbled by the support we’ve gotten. It’s our first large fundraise, but through it we’ve formed a hugely valuable set of partners. I’m excited to work with them to make FTX the best company it can be. We started out as a new derivatives exchange two years ago, and this round will help us continue to build out a bigger and broader vision for what FTX could become.”

The FTX cryptocurrency exchange was founded in 2017, are a cryptocurrency derivatives exchange company with more than 1 million users and a daily trading volume of more than $10B. Since the launch of the FTX exchange to the general public in May 2019, FTX exchange has developed at a fantastic speed Growth, the company’s revenue this year has increased ten times.

The FTX exchange is currently the second-largest 24-hour open interest trading market worldwide after Binance in the crypto derivatives market, according to CoinGecko data.

Meanwhile, FTX is now the world’s fifth-biggest Bitcoin futures exchange, according to data from Skew.com. Many investors have favoured the impressive growth rate of the FTX Exchange. Previously, FTX Exchange has raised a total of $16M in funding over the last four rounds. The previous financing occurred on March 2, 2020. Leading investors include Binance and One Block Capital.

Image source: Shutterstock

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button