The FTX exchange raised US$ 900 million in investments on July 20, of companies such as Sequoia Capital, Paradigm, Softbank, and Coinbase Ventures, among others. In total, more than 60 investors participated in the Series B fundraising – considered the most relevant ever for a crypto market company.
With this, FTX is now valued at US$ 18 billion, which is a significant milestone for a company that, about a year ago, was worth US$ 1.2 billion. In addition, according to the exchange’s official press release, the funding will allow it to expand its product offering and increase its user base through strategic investments and acquisitions of other companies in the market.
“The main goal of the investment round was to find strategic allies who can help FTX expand its brand, but the capital will be used primarily for acquisitions”, said the company’s founder and CEO, Sam Bankman-Fried, according to a Forbes report.
FTX has average daily trading of around US$ 10 billion
Launched in May 2019, FTX’s primary differentiator is providing sophisticated investment features and products that are accessible even to investors with low market experience. With over one million registered users, its average daily trading volume is over US$ 10 billion.
The company has gained increasing visibility, sponsoring names such as Major League Baseball and the TSM e-sports team, or appointing Tom Brady as its ambassador (and Gisele Bundchen, married to the athlete, as a consultant for environmental and social initiatives). In addition, in March of this year, FTX acquired for 19 years the naming rights of the NBA’s Miami Heat arena for US$ 135 million.