More than 60 investors contributed to the cryptocurrency exchange.
FTX, a prominent cryptocurrency exchange, and crypto futures trading platform, has raised $900 million in a fresh fundraising round.
Top investors participate in the Funding Round
Over 60 investors participated in the Series B investment round, including SoftBank Group Corp, Sequoia Capital, Thoma Bravo Ribbit Capital, and VanEck. Coinbase Ventures and Circle, two crypto exchange funds, also took part in the campaign.
FTX is now valued at $18 billion, thanks to the freshly acquired money. According to the company’s press statement, it has had tremendous growth since its May 2019 debut, with revenue increasing by 75 since its 2020 Series A fundraising round and by a factor of 10 this year alone.
This is the most extraordinary fundraising in the history of cryptocurrency exchanges, according to the company. Circle’s $440 million round in May 2021 and BlockFi’s $350 million round in March 2021 are two more significant fundraisers.
The funds will be used to expand FTX
FTX CEO Sam Bankman-Fried expressed his gratitude for the outpouring of support. He went on to say that FTX has amassed a highly valued group of partners and that the new money would aid in the firm’s development of a larger and more expansive vision.
According to the company, the fresh funds will be used to extend the exchange’s product range, develop its user base, make strategic investments, and expand partnerships. It intends to establish collaborations for its Pay, Liquidity, and NFT product lines in particular.
With a daily volume of $1.1 billion, FTX is now a top-five exchange. Lately, it has entered the mainstream with a series of branding deals, including naming rights to the old American Airlines Arena and a major e-sports league.