Over the past few months, Bahamas-based crypto exchange firm FTX has been expanding its platform and recently announced that it has raised $420,690,000 in a Series B-1 funding round. About Sixty-nine investors were reported to have taken part in this recent funding, including firms like BlackRock, Tiger Global, Ontario Teachers’ Pension Plan Board, Singapore’s Temasek, and Sequoia.
According to reports, investors valued the company at $25 billion, up roughly 39% from the Series B sticker price set in July when it collected $900 million in crypto’s largest-ever venture capital round. As part of the huge growth witnessed in the exchange firm, users have increased by 48 percent, while trade volume has increased by 75 percent.
The fresh round of funding comes just one day after bitcoin reached a new high of more than $66,000. Investors are ecstatic about the debut of the first U.S. exchange-traded fund that tracks bitcoin futures, a significant step that brings crypto closer to Wall Street.
More Plans to Spread
This year, FTX has been out to spread the adoption of cryptocurrency in various industries and has spent a lot of money on sports advertising, with a partnership with Major League Baseball announced a few weeks ago. Getting some of the big players in the sporting scene is one of the strategies it has adopted to advance its frontiers.
With a plethora of venture funding and multimillion-dollar-per-day revenue streams, the CEO, Bankman-Fried,
Is contemplating a series of acquisitions and collaborations to expand FTX into other nations and reach a larger audience.
In an interview, FTX’s CEO noted that the firm had done over half a billion worth of acquisitions, adding that some of the firms are quite sizable. The financial muscles being flexed by FTX shows how much it is growing in the crypto space every day and is wielding much power.
FTX is now a Giant in the Crypto Space
FTX, previously exclusively an international crypto derivatives exchange, now has a US subsidiary with its own NFT marketplace and plans to sell regulated futures products.
Last week, FTX demonstrated its dominance in the cryptosphere by banning NFTs projects with revenue-sharing systems from listing on its exchange. To comply, a number of projects, like Solarians, rapidly dropped that function, enraging a large number of buyers.
FTX competes with Coinbase, Binance, and Kraken as one of the world’s largest digital currency exchanges. It specializes in derivatives and leveraged trading, which involves using borrowed cash to increase the size of a trade.
In an interview, FTX CEO noted that the firm was set up to create a better financial market but has since evolved and grown to include newer ambitions. He said, “We founded FTX two years ago with the idea of creating a better financial marketplace.
Today we are focused on establishing FTX as a trustworthy and innovative exchange by regularly engaging with regulators around the world, and constantly seeking opportunities to enhance our offerings for digital asset investors.”