FTX raises $400Mn at $32Bn valuation
By MYBRANDBOOK
Crypto bandwagon FTX Trading Ltd. has raised $400 million as part of its latest Series-C funding round, valuing the company at $32 billion. FTX has become one of the world’s largest crypto exchanges since its launch about three years ago, in part through marketing.
The funding round saw participation from Temasek, Paradigm, Lightspeed Venture Partners, as well as SoftBank Vision Fund 2, among others. Other participants include Ontario Teachers’ Pension Plan Board, Steadview Capital and Tiger Global.
FTX plans to expand this year and the funds will likely go toward mergers and acquisitions. CEO Sam Bankman-Fried said that the interesting areas to target include payments businesses, NFT-centric firms and the metaverse.
Bankman-Fried said, “By default, we are net profitable and so we don’t need to be raising for that reason -- but a reason that it is helpful, however, is when you look at potential acquisitions and investments. There are a number of businesses that we think might be synergistic with ours.”
Bahamas-based FTX is the owner and operator of FTX.com, a crypto platform that caters to a wide customer base including retail and institutional investors outside the United States.
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