FTX FTT Token Grows 12% After $ 900 Million Investment Round

Jul 21, 2021

FTT tokens from FTX, exchange, invest,

FTX’s FTT token is up 12% following the recent $ 900 million investment by Sequoia Capital, Coinbase Ventures and PAradigm, as we can see more in today’s latest crypto news.

Hong Kong-based exchange FTX is currently valued at $ 18 billion, having raised $ 900 million in its most recent increase. That money will go towards various mergers and acquisitions that Sam Bankman-Friend, the exchange’s CEO, is all too familiar with. The exchange announced a 19-year $ 135 million deal with the Miami Heat NBA franchise that includes renaming the basketball team’s stadium to the FTX Arena, and in June FTX now closes two deals with the biggest esports -Team TSM for $ 210 million and become the official crypto sponsor of MLB.

Bankman-Friend is required to declare all new multi-million dollar transactions but focuses on traditional finance. The CEO is said to have taken over Goldman Sachs, but this example is extreme. Instead, he wants to focus on acquisitions that will help grow the FTX service and users. Despite speculation about the exchange’s next move, FTX’s FTT token rose 12% after the news a day ago.

FTT is FTX’s native cryptocurrency that allows you to enjoy additional benefits when trading and interacting with the exchange. For example, if you hold $ 100 worth of FTT, you can get a 3% discount on transaction fees. The exchange offers a staking service when used, which comes with a number of other bonuses such as free NFTs, airdrops, and higher referral rates for inviting other traders to join. At the time of going to press, the token is trading at just under $ 27.00. 57.3% decrease from ATH for the month. Its fully watered down rating as a yardstick for determining the total value of tokens in circulation is just over $ 9 billion. At half the company’s valuation, the difference serves as a reminder that equity and tokens are not the same thing.

fried Sam Bankman

As recently reported, FTX is paying $ 210 million over 10 years for the naming rights to popular esports organization Team SoloMid, but the team cannot use the TSM FTX branding in a League of Legends due to Riot Games restrictions. Use game or VALORANT. The FTX cryptocurrency exchange esports transaction turned out to be less valuable than it actually was, and since the first news broke, a new fold has emerged that makes the trade less valuable than it actually is.

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