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Sam Bankman-Fried’s FTX Raises $420.69M

FTX, the worldwide cryptocurrency exchange founded by Sam Bankman-Fried, has raised $420,690,000 in a Series B-1 funding round, the business announced on Thursday.

Sam Bankman-Fried’s FTX Raises  $420.69M

Image Source: BlockWorks

FTX has raised $420,690,000

The company’s valuation climbed by 38.8% to $25 billion from $18 billion in July, when it secured $900 million in a Series B round. With that said, FTX said that Temasek was a participant in the previous Series B, bringing the total amount raised to $1 billion from $900 million.

FTX’s user base has grown by 48 percent in the last three months, and average trade volume has surged by 75 percent to almost $14 billion per day, according to the business.

69 investors took part in this round, including funds and accounts managed by BlackRock, a company with $9.49 trillion in assets under management.

Temasek, Sequoia Capital, Sea Capital, IVP, ICONIQ Growth, Tiger Global, Ribbit Capital, and Lightspeed Venture Partners are among the other investors, as are the Ontario Teachers’ Pension Plan Board through its Teachers’ Innovation Platform, Temasek, Sequoia Capital, Sea Capital, IVP, ICONIQ Growth, Tiger Global, Ribbit Capital, and Lightspeed Venture Partners.

“The additional funding and set of investors will enable us to deliver the experience our consumers deserve while also addressing other adjacent market opportunities such as stocks, prediction markets, NFTs, and videogame partnerships,” said Ramnik Arora, FTX’s head of product.

“We expect to make strategic investments designed to grow the business and expand our regulatory coverage,” Arora added.

The money will be used to expand FTX into new jurisdictions, improve present offerings, and maintain its current position.

In general, FTX is increasing its presence in the crypto sector as well as in sports, sponsoring events as different as basketball and chess to engage a wider audience and expand its reach.

The money will be used to expand FTX into new jurisdictions, improve present offerings, and maintain its current position. In general, FTX is increasing its presence in the crypto sector as well as in sports, sponsoring events as different as basketball and chess in an effort to engage a wider audience and expand its reach.

According to Blockworks, FTX just named Stephen Curry, a three-time NBA champion, as a global ambassador. In March, the business signed a $135 million, 19-year deal with Miami-Dade County, Florida, to take over the naming rights of the county’s basketball stadium, formerly known as American Airlines Arena. The exchange secured a sponsorship contract with Major League Baseball in June, expanding its sponsorship of US professional sports.

In June, Tom Brady, a growing crypto influencer and NFL star agreed to serve as an “ambassador” for FTX in exchange for an equity stake in the company.

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Also read: Over 100,000 people have had their eyes scanned for free cryptocurrency

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