FTX Trading Ltd. announced that the company completed the largest capital increase in crypto history in a $ 900 million Series B funding round. The funding will give FTX a valuation of around $ 18 billion and the crypto company plans to expand its global presence.
FTX completes largest capital increase in the history of the crypto exchange
FTX saw a number of partnerships and growth in 2021, and following the company’s Series A funding round last year, the company raised $ 900 million from over 60 investors for its Series B. The company says FTX’s revenue has increased ten-fold since the last round of funding and now has over a million users.
Investors who participated in the $ 900 million Series B include Paradigm, Sequoia Capital, NEA, Coinbase Ventures, Willoughby Capital, the Paul Tudor Jones family, Izzy Englander, Alan Howard, Vaneck, Hudson River Trading and Circle Financial. The newly injected funds will be used to expand and grow FTX users and products. FTX will also make its own “strategic investments” as stated in the announcement of the financing.
The announcement further states that FTX has handled the financing through the company’s in-house venture team along with the participation of BTIG, Ribbit and Paradigm. Sam Bankman-Fried, the CEO of FTX, said in a statement that he was grateful for all the help his company has seen.
“I am incredibly humble with the support we have received,” said Bankman-Fried. “It’s our first major fundraiser, but through it we’ve created an extremely valuable group of partners. I look forward to working with you to make FTX the best company it can be. We started as a new derivatives exchange two years ago and this round will help us develop a bigger and broader vision for what FTX could become. “
FTX has formed a number of strategic partnerships this year, with an emphasis on professional sports. During the announcement, FTX said it plans to continue expanding its network of partnerships in the future. The company also emphasized that it plans to expand its FTX NFT (non-fungible token), FTX Liquidity Program and FTX Pay businesses.
What do you think of FTX raising $ 900 million on Tuesday? Let us know what you think on this matter in the comments below.
Photo credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or approval of any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.