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FTX breaks record in funding round


Cryptocurrency exchange FTX raises $ 900 million in a new round of funding. And its price exceeds $ 18,000 million.

This was revealed by the cryptocurrency exchange FTX, in an official statement. In which he indicated that this new round of financing, series B, managed to raise $ 900 million.

In fact, FTX is listed as one of the best listed companies on the market. With one of the most successful collections within the cryptocurrency ecosystem.

, FTX breaks record in funding round, Forex-News

By the way, Matt Huang, Co-Founder of Paradigm said: «The team’s execution speaks for itself. With FTX growing to become a major global exchange in two years».

The truth is that, the company was founded in 2019 by Sam Bankman-Fried, handling an average of $ 10 billion in volumes of daily business operations, with more than one million active users.

As a fun fact, Bankman-Fried is one of the most famous people in the DeFi ecosystem. And, he is also one of the richest personalities in the crypto sector. Being included in the famous list of billionaires of Forbes of 2021.

FTX raises $ 900 million in funding round

Since its launch in May 2019, FTX has seen tremendous growth. Naturally, the company’s revenues have increased tenfold this year and have increased 75fold since it closed its Series A funding round in mid-2020.

In fact, FTX after this collection, becomes one of the best listed companies in the space of digital currencies.

In this regard, Sam Bankman-Fried, recognized this aspect as an achievement, sharing some impressions on the path of FTX. To which he commented:

«It was a long process, but in the end what mattered was having the opportunity to talk about what FTX has been. And where are we going».

At the same time, regarding the plans for this new collection, the team of FTX It indicated that it will allocate the capital for the design of new products. Which work both at the level of the United States, and in a large number of countries.

By the way, on the indication of whether they will be publicly listed on the stock market, the company assures that they do not suppress the possibility, but it is not among the short-term priorities:

“We want to be prepared and ready in case we decide to do it. But we have no imminent plans.

Who participated?

According to the release, FTX’s $ 900 million Series B round included more than 60 investors. Some participants were: Paradigm, Ribbit Capital and Sequoia Capital, Thoma Bravo, SoftBank, Insight Partners, Third Point, Lightspeed Venture Partners, Altimeter, BOND, NEA and Coinbase Ventures.

Also, Willoughby Capital, 40North, Senator Investment Group, Sino Global Capital, Multicoin, the Paul Tudor Jones family, Izzy Englander, Alan Howard, VanEck, Hudson River Trading, Circle and many others.

Finally, Sam Bankman-Fried, commented: «I am incredibly humbled by the support we have received. It is our first major fundraiser, but through it we have built an enormously valuable group of partners.».

I say goodbye with this phrase from Peter Drucker: «Management is doing things right. Leadership is getting things done».

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