FTX Exchange Tops $32B Valuation with a $400M Series-C Venture Funding
FTX Derivatives Exchange has concluded its Series C funding round where it raised the sum of $400 million to increase its valuation to $32 billion.
Investors who participated in the funding round as announced by the trading platform include but are not limited to Temasek, Paradigm, Ontario Teachers' Pension Plan Board, NEA, IVP, SoftBank Vision Fund 2, Lightspeed Venture Partners, Steadview Capital, Tiger Global, and Insight Partners.
FTX revealed that the majority of the investors it welcomed in this funding round also backed FTX.US, it's subsidiary in the United States which just completed its $400 million fundraising to hit an $8 billion valuation. According to the exchange, the new fund for the global outfit will now be deployed into developing additional products aimed at broadening the platform’s reach.
“This round will support our continued mission of delivering innovative products and services to the marketplace as well as expanding our global reach with additional licenses around the world,” said Sam Bankman-Fried, Chief Executive Officer of FTX. “With the ongoing support from our dedicated investors and userbase, FTX will look to continue interacting with regulators to facilitate access to digital assets in a safe and compliant manner. We look forward to working alongside our investors to achieve our mission and continue our tremendous growth throughout 2022 and beyond."
In the past 6 months, FTX has raised a total of $1.8 billion from venture capital firms, cementing its stand as one of the most liquid trading platforms around. Back in October when the firm completed its Series B-1 funding round, it was valued at $25 billion, and the current valuation shows the firm is growing at a very progressive rate.
FTX is ranked the third-largest trading platform by volume, a feat it achieved by growing its user base by more than 60% since the last funding round. The exchange recently launched FTX Ventures, a $2 billion venture fund created to advance global blockchain, cryptocurrency, and Web3 adoption.
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