Crypto exchange FTX closes $900M Series B funding to continue growth

2021-7-23 19:10

FTX, the popular operator of cryptocurrency exchange FTX.com. today announced the closing of a $900 million Series B fundraise, valuing the company at $18 billion. The new financing round aims to expand FTX’s global presence, accelerate growth, and represents one of the largest raises for a crypto company.

Over 60 investors participated in the $900M Series B, including Paradigm, Sequoia Capital, Thoma Bravo, SoftBank, Ribbit Capital, Insight Partners, Third Point, Lightspeed Venture Partners, Altimeter, BOND, NEA, Coinbase Ventures, Willoughby Capital, 40North, Senator Investment Group, Sino Global Capital, Multicoin, the Paul Tudor Jones family, Izzy Englander, Alan Howard, VanEck, Hudson River Trading, and Circle.

Since its launch in May 2019, FTX has experienced enormous growth. The company’s revenues have increased over tenfold this year and 75x since its Series A funding round closed in mid-2020.

With over 1 million users and averaging over $10B of daily trading volume; FTX has grown into one of the world’s leading crypto exchanges. The platform serves the entire chain of cryptocurrency trading participants; from retail and crypto-native investors to sophisticated day traders, family offices, and experienced institutional traders.

This Series B will allow FTX to further expand its product offerings and user base. The company will leverage the funds to further enhance its offerings and make strategic investments designed to grow the business. FTX will also look to further expand the network of partnerships it has for its FTX Pay, FTX Liquidity program & FTX NFT business lines. The investment process was led by the company’s own ventures team, with help from Paradigm, Ribbit, and BTIG.

“I’m incredibly humbled by the support we’ve gotten. It’s our first large fundraise, but through it we’ve formed a hugely valuable set of partners. I’m excited to work with them to make FTX the best company it can be. We started out as a new derivatives exchange two years ago; and this round will help us continue to build out a bigger and broader vision for what FTX could become.”
– Sam Bankman-Fried, CEO of FTX

The post Crypto exchange FTX closes $900M Series B funding to continue growth appeared first on CryptoNinjas.

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