FTX US Taps $8 Billion Valuation After A $400 Million Funding Round
Crypto exchange FTX US has announced $400 million finding round at $8 billion valuation from investors including Japan’s SoftBank Group Corp and Singapore’s Temasek Holdings.
The U.S. branch of the digital asset exchange FTX raised $400 million in a funding round that saw participation from investment giants such as Japan’s SoftBank Group Corp and Singapore’s Temasek Holdings. The deal brought the company’s total valuation to $8 billion.
Apart from the two aforementioned names, the cryptocurrency investment companies Paradigm and Multicoin Capital, as well as Ontario Teachers’ Pension Plan Board also participated in the funding round.
The plan is to use funds to grow FTX user base and introduce new products. The company also wants to make several strategic investments and acquisitions, and hire more staff.
The president of FTX US, Brett Harrison commented:
“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 US, and signaling to the world that we are going to continue to expand very rapidly.”
Previously, FTX US acquired Ledger Holdings, the parent firm of LedgerX, in an attempt to begin providing derivatives to consumers in the United States. In addition, the company intends to build an NFT platform.
– derivatives for US customers – stocks on FTX US – self-hosted wallet support for FTX NFTs https://t.co/RveUDajexh
