- FTX rebounds 15% shortly after the 'exchange raised $ 900 million in a funding round.
- The money should be used for mergers and acquisitions .
FTX, a crypto exchange from San Francisco, recently raised $ 900 million as part of a table led by several investors, including Coinbase Ventures, Paradigm and Sequoia Capital. More than 60 investors participated in the Series B fundraiser to bring the company 's value to $ 18 billion.
As expected, his native FTT token reacted strongly with a 15% increase in the last 24 hours to take its price at $ 27. The price is still down 57% fromat its all-time high. In addition, its fully diluted valuation exceeds $ 9 billion.
Founder Sam Bankman-Fried hinted that the company aims to compete with the biggest crypto exchanges, and therefore the money raised would be to be used for mergers and acquisitions.
The founder alluded earlier to their plans to acquire reputable financial institutions such as Goldman Sachs once the exchange will dominate the space. However, he backed down on his statement saying Goldman Sachs is a pretty big target and therefore they will be looking at more realistic acquisitions.
FTX revenue increases tenfold
In April, FTX reached an agreement with the franchiseMiami Heat NBA worth $ 135 million. As part of the deal, the deal will see the Miami Heat's NBA stadium renamed to FTX Arena. A month later, the exchange struck another deal worth $ 210 million with the biggest TSM esports team in addition to becoming the official crypto sponsor of MLB.
The stock market has had an incredible performance this year as its income has increased tenfold. In addition, millions of users visit the exchange, bringing its average daily trading volume to over $ 10 billion. Data should be higher with current acquisitions.
Its token, FTT, wowed investors with several additional perks, including offering a discount of three percent on the trading fee for ho's to hold at least $ 100 of the token. The exchange also offers servicesThese staking devices whose users have a chance to enjoy several benefits including airdrops, NFTs, higher referral rates, etc. Currently, the exchange has presented plans to expand into the United States.