FTX, the popular operator of the cryptocurrency exchange FTX.com. Today announced the completion of a US$900 million Series B financing, and the company is valued at US$18 billion. The new round of financing aims to expand FTX’s global influence and accelerate growth. It is one of the largest financings for crypto companies.
More than 60 investors participated in the US$900 million Series B financing, 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, Paul Tudor Jones family, Izzy Englander, Alan Howard, VanEck, Hudson River Trading and Circle.
Because of its Launched in May 2019, FTX has experienced tremendous growth. Since the completion of the A round of financing in mid-2020, the company’s revenue this year has increased by more than ten times, an increase of 75 times.
With more than 1 million users and an average daily trading volume of more than $10B; FTX has developed into one of the world’s leading cryptocurrency exchanges. The platform serves the entire chain of cryptocurrency trading participants; from retail and crypto local investors to mature day traders, family offices and experienced institutional traders.
The B series will enable FTX to further expand its product supply and user base. The company will use these funds to further enhance its products and make strategic investments aimed at business development. FTX will also seek to further expand its network of partners for FTX Pay, FTX liquidity plans and FTX NFT business lines. The investment process is led by the company’s own venture capital team, with the help of Paradigm, Ribbit and BTIG.
“The support we received made me very humble. This is our first large-scale fundraising event, but through it we have formed a group of very valuable partners. I am very happy to work with them to make FTX the most Good company. Two years ago, we were a new derivatives exchange; this round will help us continue to build a larger and broader vision for the future of FTX.”
– Sam Bankman-Fried, CEO of FTX