FTX raises $400M in a Series C funding round and reaches a $32 billion valuation. This happened after the US subsidiary of the company also raised funds in a Series A round. FTX is a Bahamian-based crypto exchange and was founded in 2019. It is one of the fastest-growing platforms right now. FTX has been recording over $14 billion in daily trading revenue with 1 million active users.
FTX raises $400M in a Series C round
The crypto exchange made the announcement of the funding round on Monday. Before this round, they had many other fundings in 2021 July and October. Those were Series B and Series B-1 rounds. FTX moving ahead in terms of the funding rounds shows that they are slowly getting ahead of the startup game. Many notable firms took part in the latest round, including Temasek, Ontario Teachers’ Pension Plan Board, NEA, IVP, Softbank, Lightspeed Venture Partners, and more.
The company’s CEO, Sam Bankman-Fried, said the latest round has been a milestone as this has allowed them to raise $2 billion in 6 months. Their plan with the same is to continue offering innovative products and scale their services on a global level by getting more licenses. This can make them a real competitor to Binance, which is the largest crypto exchange globally. He also added that FTX would be working with regulators to make sure the assets of digital investors are stored in a safe manner. This will also help them get licenses from more countries globally.
While the parent company has been doing really well in terms of growth, funding, and valuation, FTX US is also not behind. They have recently raised $400M in the first round and is currently valued at around $8 billion. This will allow them to offer better services in the US. This latest round comes despite the market fear and uncertainty about regulation. Reports about the US Feds raising interest rates is one of the reasons for the same.
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