FTX breaks crypto funding record with $ 900 million

Jul 20, 2021

FTX, the crypto derivatives exchange founded by Sam Bankman-Fried, has closed a $ 900 million financing round – further underscoring that venture capitalists are protecting themselves from market turmoil to discover high quality blockchain games.

The Series B investment round had over 60 participants including Softbank, Sequoia Capital, Coinbase Ventures, Multicoin, VanEck and the Paul Tudor Jones Family.

With the price hike, FTX’s valuation has grown to $ 18 billion, making it one of the largest crypto companies in the world. Just a year ago, the futures exchange was valued at 1.2 billion US dollars.

Connected: FTX cryptocurrency exchange integrates ClearLoop institutional trading tool

Founded in 2018, FTX operates one of the largest crypto derivatives companies in the world with an average daily volume of over $ 10 billion. Headquartered in Hong Kong and with parent company in Antigua, the company has been very active in acquisitions and branding after acquiring Blockfolio for $ 150 million in August 2020. In March 2020, the exchange has now secured the naming rights to the Miami Heat’s Stadium for the next 19 years.

Despite the recent market turmoil that has gripped cryptocurrencies, venture firms continue to support crypto-centric startups with greater confidence. As Cointelegraph reported, Andreessen Horowitz from Silicon Valley launched a $ 2.2 billion crypto venture fund last month, the largest fund in history.

Connected: Latin American bitcoin exchange Mercado raises $ 200 million from SoftBank

Over the past year, a number of crypto exchanges have become unicorns – a term used by venture capitalists to describe startups valued at $ 1 billion or more. Latin America, for example, is now home to two trading platforms valued at more than $ 2 billion. Decacorn is a company valued at more than $ 10 billion.

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