One of the largest crypto exchanges by reported trading volume, FTX today announced it had raised $900 million in Series B funding round.
FTX Raises a Whopping $900 Million
FTX, a Hong Kong-based crypto exchange that has been dominating the headlines in the crypto industry of late today closed its Series B funding round whereby it was able to raise a staggering $900 million from a wide array of acclaimed and reputed investors.
For the uninitiated, FTX was launched in 2019 and has quickly established itself as one of the leading crypto exchanges across the world.
Notably, FTX was able to draw the investments from a wide spectrum of reputable investors such as SoftBank, Sequoia Capital, Paradigm, Lightspeed, Third Point, Alan Howard, Izzy Englander and the Paul Tudor Jones family.
A total of 60 investors participated in FTX’s Series B fund raise, the announcement reads.
At a market valuation of $18 billion, FTX was able to raise $900 million. This also makes bags FTX the distinction of having the largest crypto investment round to date. Earlier this year, Circle raised $440 million deal earlier this year.
In an interview with The Block, FTX CEO Sam Bankman-Fried said:
“In the end I am pretty excited with it.”
“It took some time to explain the vision of the company to some of these investors that are not crypto native. But the business model is pretty simple.”
FTX Blazing the Trail
FTX has been rising up the crypto exchange ranks since its launch in 2019 and is today considered one of the leading crypto derivatives exchange in the world. However, there’s been a lot of work in the background that could be held responsible for FTX’s unprecedented rise to the top.
As reported by BTCManager on June 4, FTX entered the NFT foray with the launch of its NFT marketplace.
Most recently, BTCManager reported on June 29 that FTX had inked a long-term deal with celebrity couple Tom Brady and Gisele Bundchen. The partnership saw the couple take an equity stake in FTX in addition to receiving extra bonus in digital currencies.
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