FTX Closes $ 900 Million Series B - Capital Raise Pushes Stock Market Valuation to $ 18 Billion
FTX Trading Ltd. announced that the company has closed the largest capital raise in crypto exchange history in a Series B funding round for $ 900 million. Funding gives FTX a boost valuation of around $ 18 billion and the crypto firm aims to expand its global presence.
FTX closes largest capital raise in crypto exchange history
FTX has seen a number of partnerships and growth in 2021 and following the company's Series A funding round last year, the company raised $ 900 million from over of 60 investors forits Series B. The company specifies that since the last funding round, FTX's revenues have increased tenfold and it now has more than one million users.
Investors who participated in the $ 900 million Series B includes Paradigm, Sequoia Capital, NEA, Coinbase Ventures, Willoughby Capital, the Paul Tudor Jones family, Izzy Englander, Alan Howard, Vaneck, Hudson River Trading and Circle Financial. The newly injected funds will be used to expand and increase FTX users and products. FTX will also make its own "strategic investments ", details of the funding announcement.
The announcement further explains that FTX managed the financing through the company's internal ventu re team alongside participation from BTIG, Ribbit and Paradigm. Sam Bankman-Fried, CEO of FTX, explained in a statement that he was grateful for all the help his thncompany has received.
“I am incredibly touched by the support we have received,” Bankman- Frit detailed. “This is our first major fundraiser, but through it we have formed an extremely valuable set of partners. I am delighted to work with them to make FTX the best company it can be. We started as a new derivatives exchange two years ago, and this cycle will help us continue to develop a bigger and broader vision of what FTX could become. "
FTX has entered into a large number of strategic partnerships. this year and with a focus on professional sport. During the announcement, FTX said it plans to "expand the partnership network further " in the future. The company also pointed out that it plans to expand the company's FTX NFT (non-fungible token), FTX Liquidity and FTX Pay business lines.
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