FTX raises another $400 million, increasing valuation to $32 billion

According to an announcement Monday, FTX has reached a valuation of $32 billion following its latest $400 million funding round.

FTX valuation rises to $32 billion

Cryptocurrency exchange FTX has closed its Series C funding round. The platform raised $400 million in this round from investors including Temasek, Paradigm, Lightspeed Venture Partners, SoftBank Vision Fund 2, and others.

Led by founder and CEO Sam Bankman-Fried, is one of the leading centralized cryptocurrency exchanges in the world with over five million active users. It is based in the Bahamas.

A January 2022 report shows that FTX is the fastest growing exchange globally in 2021 with trading volume growing by 600% year-round. During that time, the exchange has raised more than $1.3 billion from notable investors like Sequoia, Paradigm, SoftBank and Tiger Global, including a funding round last July that raised $900 million and a valuation with $18 billion; followed by the October round of the same year, which raised $420 million and took the company’s valuation to $25 billion.

The exchange has announced that it will use the newly raised capital for mergers and acquisitions. In the past, the exchange acquired crypto portfolio tracking app Blockfolio as well as LedgerX, a fully regulated crypto derivatives trading platform. This month alone, FTX launched a $2 billion venture capital fund called FTX Ventures in partnership with Lightspeed.

The exchange’s native token, FTT, is up more than 8% following the news and amid a market rally following a dismal end to January.

FTT is currently trading at $43.4, down 48% from the all-time high of $85 recorded last September.

Source: TradingView

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page