FTX Raises $ 420.69 Million From 69 Investors – Company Valuation Climbs To $ 25 Billion

FTX continues to build its empire

Sam Bankman-Fried Cultivates The Art Of The Meme – FTX, Now Considered One Of The Largest Cryptocurrency Exchange, Just Raised $ 420.69 Million As Part Of Expansion To Its Series B.

The company is now valued at $ 25 billion, a 39% gain since its previous gargantuan fundraiser of $ 900 million last July.

The company headed by the eminent Sam Bankman-Fried has received the support of 69 investors, including BlackRock, Sequoia Capital, Tiger Global and Sea Capital.

More surprisingly, the Ontario Teachers’ Pension Plan (OTPP) and Singapore’s sovereign wealth fund Temasek also participated in this fundraiser.

With its new funds, FTX wants to expand into new jurisdictions and expand its empire. The company plans to continue acquiring startups in the cryptocurrency ecosystem, while developing new services in parallel.

“The additional capital and investor pool will allow us to deliver the experience our users deserve and address other adjacent market opportunities, including equities, predictive markets, NFTs, and video game partnerships,” »Said Ramnik Arora, product manager at FTX.

Phenomenal growth

This year, FTX’s progress has been tremendous. The company’s press release tells us that the platform’s user base grew by 48% between July and October 2021. At the same time, the daily volume of transactions increased by 75%, and is now rising. at $ 14 billion on average.

Since its acquisition of LedgerX, a CFTC-regulated cryptocurrency futures and options platform, FTX has also moved closer to regulatory agencies.

At the moment, FTX is not targeted by the latter at all, unlike its biggest competitor, Binance. This helps FTX attract new users, and focus on the essentials: developing new products for its users.

As for the company’s revenue, Sam Bankman-Fried estimates that these will double over the next year, reaching $ 1 billion:

“Ideally, we’ll hit 3 or 4 times that number,” added the CEO of FTX.

👉 On the same theme – FTX signs 7-year deal with Riot Games for League of Legends competitions

Newsletter 🍞

Receive a recap of crypto news every Sunday 👌 And that’s it.

About the author: Clément Wardzala

twitter-soothsayerdatatwitter-soothsayerdata

Editor-in-chief of Cryptoast, I discovered Bitcoin and blockchain technology in 2017. Since then, I have endeavored to share qualitative content so that the sector is democratized among everyone.
All articles by Clément Wardzala.

Back to top button