FTX Raises $400M At $32B Valuation

Key Takeaways

• Sam Bankman-Fried’s FTX continues to take pleasure in progress amid an in any other case shaky market.
• The trade has raised a contemporary $400 million, inserting its new valuation at $32 billion.
• The brand new funding is alleged to be primarily for mergers and acquisitions.

FTX has achieved a valuation of $32 billion alongside its newest capital increase of $400 million, per an announcement on Monday.

FTX Valuation Swells To $32 Billion

Cryptocurrency trade FTX has closed a Sequence C funding spherical.

The trade has raised $400 million in a Sequence C funding spherical from buyers together with Temasek, Paradigm, Lightspeed Enterprise Companions, SoftBank Imaginative and prescient Fund 2 and others.

Led by founder and CEO Sam Bankman-Fried, FTX is likely one of the main centralized crypto exchanges on the planet with over 5 million lively customers. It’s headquartered within the Bahamas.

A January 2022 report discovered FTX to be the fastest-growing trade globally in 2021, rising 600% in buying and selling quantity through the course of the 12 months. Throughout this time, the trade raised greater than $1.3 billion from notable buyers akin to Sequoia, Paradigm, SoftBank, and Tiger International. This included a July spherical of funding that introduced in and positioned FTX’s valuation at $18 billion; that was adopted by an October spherical elevating $420 million at a $25 billion valuation.

The trade has acknowledged it might use the freshly-raised capital in direction of mergers and acquisitions. Prior to now, the trade has acquired crypto portfolio tracker software Blockfolio, in addition to LedgerX, a fully-regulated crypto derivatives buying and selling platform. This month alone, FTX additionally launched a $2 billion enterprise capital fund in partnership with Lightspeed known as FTX Ventures.

Authentic Publish