FTX raise $900 million more than sixty investors in the second round of fundraising. FXT is a cryptocurrency exchange and also a crypto trading platform that focuses on the future.
The Series B funding also attracted funding from groups that include SoftBank Group Corp, Thomas Bravo Ribbit Capital, Sequoia, Coinbase Ventures, VanEck, and Circle.
FTX now stands at an $18 billion net valuation. In a press release, the crypto trading platform noted the tremendous growth its gas experienced since its launch in 2019. Revenue grew by a factor of 75 after the Series A funding round in 2020 and by a factor
of ten this year.
The firm has seen the largest fundraisers in cryptocurrency exchange history. Other crypto exchanges following in the list is Circle with $440 million in the May 2021 fundraising round and BlockFi with $350 million in the March 2021 round.
In a statement, FTX CEO Sam Bankman-Fried noted that it was incredible support the group had gotten. Bankman-Fried also acknowledged the partners’ amazing and broader vision.
FTX plans to use the newly raised funds to expand its product line, make strategic investments, improve its user base and expand partners. The firms particularly plan to expand partnership for its Pay, Liquidity, and NFT product lines.
FTX is among the top five crypto exchanges with a daily volume of $1.1 billion. It has started going mainstream with deals that include branding. It has also gained naming rights to former American Airlines Arena and is also planning to add its name to major
e-sports leagues.
