Home News Crypto exchange FTX US closes $400M funding round to reach $8B valuation

Crypto exchange FTX US closes $400M funding round to reach $8B valuation

221
0

Following new funding, the Chicago-based crypto exchange FTX US has hit an $8 billion valuation.

According to Reuters, SoftBank Group Corp, Temasek Holdings, Paradigm, and Multicoin Capital spearheaded a $400 million investment round for FTX’s American affiliate on Wednesday.

According to FTX US president Brett Harrison, this move establishes their company as one of the leading crypto exchanges in the United States and sends a message to the rest of the globe that they are rapidly expanding.

The cash will be used to enhance the firm’s offerings. As well as grow and extend its employees, according to Harrison.

The exchange signed a sale-and-purchase deal with LedgerX in 2021. In order to expand its spot trading services by providing investors with Bitcoin (BTC) and Ether (ETH) options and futures contracts.

Last year, FTX raised $420 million from 69 investors, valuing the company at $25 billion. Simultaneously, the exchange boosted its marketing efforts by securing naming rights to Cal Memorial Stadium and the Miami NBA stadium.

In the meantime, funding for crypto initiatives is increasing in other parts of the ecosystem. Secret Network announced a $400 million fund for developers building on its network on January 19. The new ecosystem fund, which includes a $175 million accelerator pool, aims to support privacy-oriented and decentralised applications.

Andreessen Horowitz, a venture capital firm, said it would raise $4.5 billion to invest in cryptocurrency funds. The company plans to spend $3.5 billion on its venture capital fund and $1 billion on Web3 early investments. In addition, Checkout.com, a British payment platform, just raised $1 billion in funding. In order to enhance crypto payment processing, boosting its valuation to $40 billion.

FTX founder urges regulators to create a unified crypto framework

Previous articleNFL star’s massive tax bill highlights problems with BTC salaries
Next articleMicroStrategy will continue to buy Bitcoin despite market plummeting