FTX Cryptoexchange secured $900 Million in funding at $18 Billion Valuation


FTX trading, a Barbuda based owner and operator of the cryptocurrency exchange FTX.com, has now secured $900 million in a Series B funding round. Ftx.com was valued at $18 billion.

FTX is founded by Sam Bankman. It is a cryptocurrency exchange for traders, which offers innovative products, like options, derivatives and volatility products, prediction markets, tokenized stocks, OTC desk, and leveraged tokens.

FTX has experienced growth with around 1 million users and averaging around $10 billion of the daily trading volume

Executive Opinion

Sam Bankman-Fried, CEO of FTX, said, "I'm incredibly humbled by the support we've gotten. It's our first large fundraise, but through it we've formed a hugely valuable set of partners. I'm excited to work with them to make FTX the best company it can be. We started out as a new derivatives exchange two years ago, and this round will help us continue to build out a bigger and broader vision for what FTX could become."

Matt Huang, Co-Founder, and Managing Partner at Paradigm, said, "Sam Bankman-Fried is one of those special founders whose vision is both stunningly ambitious and uniquely adapted to the future of crypto. The team's execution speaks for itself, with FTX growing to become a top global exchange in two years. There's a bright future ahead for Sam and FTX, and Paradigm is excited to be a part of it."

FTX.com's Latest Funding

The round was backed by the Thoma Bravo, Sequoia Capital, Insight Partners, Softbank, Paradigm, LightSpeed Ventures, BOND, NEA, Coinbase Ventures, 40North, Senator Investment Group, The Paul Tudor Jones Family, Alan Howard, Circle, and Sino Global Capital.

The company, as of now, has plans to use the new funds to further enhance its product offerings and expand its user base. The crypto exchange, FTX, also plans strategic investments designed to expand its business, 

The crypto exchange also looking at the network of partnerships for its FTX Liquidity program, FTX Pay, and FTX NFT business.
PC: Pixabay

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Udit Agarwal Opinions expressed by techsutram contributors are their own. More details

Udit Agarwal is a Digital Marketer and a Content Marketing Specialist, He enjoys technical as well as non-technical writing. His passion and urge for gaining new insights on gadgets, smartphones and technology has led him to Techsutram. He quenches his thirst for technology through his action oriented writing skills and a profound ability to stay up to date with latest industry trends.

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