Crypto Exchange FTX Raised $900M in Series B Funding Round

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  • Crypto Exchange FTX raised $900M in Series B Funding Round.
  • It will be utilized to expand and increase FTX users and products.
  • FTX has over one million registered users.

Cryptocurrency exchange FTX has closed its Series B funding round. In the Series B funding round, FTX raised $900 million from more than 60 investors. It results in the company having a valuation of nearly $18 billion. Crypto exchange, FTX has launched in 2019, it has become one of the most publicly visible exchange venues.

Accordingly, the investors who participated in Series B Funding include Paradigm, Sequoia, Capital, NEA, Coinbase Ventures, Willoughby Capital, the Paul Tudor Jones family, Izzy Englander, Alan Howard, Vaneck, Hudson River Trading, and Circle Financial.

Henceforth, the CEO of FTX, Bankman-fried said that he was thankful for all the help his company has received. He noted, “It’s our first large fundraiser, but through it, we’ve formed a hugely valuable set of partners. I’m excited to work with them to make FTX the best company it can be.” Also, he added, 

“We started as a new derivatives exchange two years ago, and this round will help us continue to build out a bigger and broader vision for what FTX could become”.

Moreover, the recently raised funds will utilized to expand and increase both FTX users and products. FTX is also looking to enter other markets such as trading shops, nonfungible token (NFT) platforms, and non-crypto native firms. Currently, FTX has over one million registered users.

Hence more, this year FTX has made a more strategic partnership and with a significant focus on professional sports. A few weeks ago, FTX has partnered with Major League Baseball and esports organization TSM.  FTX also bought the naming authority to the home arena of NBA team Miami Heat for $135 million. By this deal, FTX handles the naming for the arena for the next 19 years.

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