Considered one of the biggest exchanges in the crypto market, FTX has received a new investment of US$ 400 million. With this latest round of funding, the platform created by Sam Bankman-Fried is now valued at US$ 32 billion.
According to Bloomberg, the Series C round of investment in the platform was led by Temasek, Ontario Teachers’ Pension Plan Board, Steadview Capital, Tiger Global, Lightspeed Venture Partners, Paradigm, and SoftBank Vision Fund 2.
With the new funding, the exchange intends to expand its presence in the crypto market, and the amount raised will be used in the mergers and acquisitions (M&A) sector. In a statement, Sam Bankman-Fried said he intends to invest in areas such as payments, non-fungible tokens (NFTs), and metaverses.
The investment received by FTX will be used to continue the exchange’s acquisition program. Recently, Sam Bankman-Fried spent US$ 1 billion acquiring new platforms such as Blockfolio, for example.
In addition to M&A, FTX is investing in major marketing campaigns to promote visibility for the brand. For example, the exchange had its name stamped on a basketball court in Miami and is preparing to star in a Super Bowl commercial.