FTX sets record in crypto industry with US$900 million financing round

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.


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Thomas Miles

Cryptocurrency is the most recently discovered currency which will be likely at the help of modernization across the next few decades. With a limited control from the government, the crypto market is independent of many features of a sound market as we know it. Thomas brings these stories to us by weaving them into articles of general importance to all those looking at the fluctuations in the market, or new entries. Thomas is also the founder of Bulletin Bits and is an excellent leader. His leadership is the kind that makes him the most knowledgeable and experienced on the team. His wonderful work ethic and attitude are worthy of imitation!

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