FTX valued at $8B as the Crypto Exchange Secures $400M Fund

FTX valued at $8B as the Crypto Exchange Secures $400M Fund

The Bahamian-based crypto exchange FTX has just finished its funding round, putting the company’s value at $8 billion.

FTX had gained some serious ground in the crypto industry, with partnerships all across the board since late 2021. 

Just recently, the crypto exchange managed to rake in a Series A fund which was led by SoftBank Group Corp in Japan, and Temasek Holdings in Singapore, with additional support from Multicoin Capital and Paradigm.

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Based on the report by Reuters, the funding will be used to explore additional business opportunities, expand FTX’s team, and increase brand awareness to attract more customers. Likewise, some of the funds may be directed towards supporting small start-ups, investing in seed fundings, and purchasing other businesses.

The President of FTX US Brett Harrison told reporters that the funds raised will let them build the best team possible which is ready for global expansion. He added:

"What this raise means to us is that we are officially establishing ourselves on the stage of the largest competitors of cryptocurrency exchanges in the U.S., and signaling to the world that we are going to continue to expand very rapidly."

Several days ago, FTX’s founder Sam Bankman-Fried announced that the company will be launching its very own debit card with automatic conversions and essentially free transactions.

Dom Z. - Crypto Analyst

by Dom Z. - Crypto Analyst, BitDegree


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