The company’s recent fundraising round valued it at $18 billion, with proceeds going into expanding its reach and large spending.
With the completion of a $900 million Series B financing round, the cryptocurrency exchange FTX.COM’s value is $18 billion, according to FTX Trading Ltd., the founder and director of the exchange.
FTX.COM is a cryptocurrency exchange created for and by traders. On top of that, it has an OTC desk and offers cutting-edge derivatives, options, and volatility products. FTX.COM aims to be the most innovative exchange and a powerful platform for all users. Since its inception, FTX.COM has expanded swiftly, becoming one of the most well-known cryptocurrency exchanges in the world in just two years.
This new round of funding will expand FTX’s global presence while also accelerating the company’s growth. It is also one of the largest rounds of money ever raise by a cryptocurrency start-up.
More than 60 investors participated in the $900 million Series B financing. Since its launch in May of this year, FTX has experienced significant growth.
A decade ago, the company’s Series A investment round ended in mid-2020. FTX now has over 1 million customers and a daily trading volume of over $10 billion.
FTX can use the funds to expand its product line and user base.
The platform caters to the whole cryptocurrency trading chain, from retail and crypto-native investors to professional day traders, family offices, and institutional traders.
Moreover, FTX will be able to use the funds to increase its product offerings and user base. The funds will use to expand the company’s offerings and make strategic investments that will help it grow.
Hence, As it seeks to increase its presence and drive growth, FTX Pay, FTX Liquidity, and FTX NFT will seek to expand its network of relationships. The Company’s ventures team led the investment process with Paradigm, Ribbit, and BTIG assisting.
On today’s announcement, FTX CEO Sam Bankman-Fried expressed his gratitude for the outpouring of support. It’s their first major fundraising effort, but resulted in the formation of an extremely valuable group of collaborators.
He is eager to collaborate with them in order to make FTX the best firm possible. Thus, This round will allow people to continue developing a greater and wider vision for what FTX may become.