FTX, the cryptocurrency derivatives exchange founded by Sam Bankman-Fried, closed a US$900 million financing round – highlighting once again that venture capitalists are ignoring market turmoil in their quest to discover quality blockchain games.
The Series B investment round had more than 60 participants, including Softbank, Sequoia Capital, Coinbase Ventures, Multicoin, VanEck and the Paul Tudor Jones family.
With the increase, FTX’s valuation rose to $18 billion, making it one of the largest cryptocurrency companies in the world. Just a year ago, the derivatives exchange was evaluated at $1.2 billion.
Related: The FTX cryptogram exchange is part of the ClearLoop institutional trading tool
Founded in 2018, FTX operates one of the largest cryptocurrency derivatives businesses in the world, with average daily volumes exceeding US$ 10 billion. Headquartered in Hong Kong and a holding company in Antigua, the company has been highly active in acquisitions and branding, having bought Blockfolio for $150 million in August 2020. In March of this year, the exchange secured the naming rights for Miami Heat Stadium for the next 19 years.
Despite the recent market turmoil engulfing cryptocurrencies, venture firms continue to support cryptocurrency-focused startups with strong conviction. As reported by the Cointelegraph, Andreessen Horowitz of Silicon Valley launched a $2.2 billion cryptocurrency fund last month, the biggest in history.
Last year, several cryptocurrency exchanges grew into unicorns. – a term used by venture capitalists to describe startups with a valuation of $1 billion or more. Latin America, for example, it now houses two trading platforms worth over $2 billion. A decacorn is a company worth over $10 billion.
Since 2019, no such clear purchase window appears. Trade over 400 pairs of cryptocurrencies at a 0% rate until July 8th at OKEx.