Home News Media: FTX to seek $1.5B in a new funding round

Media: FTX to seek $1.5B in a new funding round


FTX Chief Executive Officer Sam Bankman-Fried plans to attract a total of $1.5 billion in investments for the global derivatives exchange and the American platform FTX.US. The Information reported this with reference to its own sources.

Thus, according to them, the potential funding round will bring the FTX valuation to $32 billion. Moreover, the affiliate in the United States valuation to $8 billion.

In October, the exchange closed a Series B 1 funding round in the amount of $420 million, after which its valuation reached $25 billion. 69 investors took part in the fundraising, including Temasek, Sequoia Capital, Sea Capital, IVP, ICONIQ Growth, Tiger Global, Ribbit Capital, Lightspeed Venture Partners. As well as funds managed by the investment giant BlackRock.

The platform has taken a leading position in terms of liquidity

In addition, Temasek joined the industry-record July round of financing for a Series B company; in the amount of $900 million and brought the volume of investments within its framework to $1 billion. These investments did not concern the American branch, the publication noted.

In the third quarter, trading volumes FTX.US jumped by 512%. The platform took a 4.5% share in the US spot market. Furthermore, the daily figure at the peak reached $807 million, averaging $360 million.

Also, the press release says that the platform has taken a leading position in terms of liquidity, according to CryptoWatch. “We plan to expand in new areas, including derivatives, NFT [non-fungible token] and payment services,” President of FTX.US Brett Harrison said in the statement.

Moving headquarters to Bahamas

Recall that earlier in September, the parent company moved its headquarters from Hong Kong to the Bahamas after its FTX Digital Markets received a license from a local regulator.

Meanwhile, the regulatory approval is issued under the Bahamas’ new digital asset-related legislation. The Digital Asset Registered Bill, which went into effect in late 2020. The DARE Act sets a complete regulatory framework for digital asset activities in The Bahamas, regulating and monitoring virtual asset service providers.

Therefore, as the exchange continues to extend its global reach; the regulatory license will assist FTX in establishing a “significant presence” in The Bahamas. Ryan Salame, the former head of Alameda Research’s over-the-counter trading, has already joined FTX Digital Markets as CEO. And will be in charge of the company’s local initiatives.

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