FTX Trading closes USD 900 mln Series B round

Friday 23 July 2021 10:57 CET | News

FTX Trading, owner and operator of crypto exchange FTX.COM, has closed a USD 900 million Series B fundraise, valuing the company at USD 18 billion. 

This new financing round will expand FTX's global presence and accelerate the company's growth. Over 60 investors participated in the USD 900 million 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 tremendous growth. The company's revenues have increased over tenfold in 2021 and 75x since its Series A funding round closed in mid-2020. With over 1 million users and averaging over USD 10 billion 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.

The funds 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. The company will also look to further expand the network of partnerships it has for its FTX Pay, FTX Liquidity programme, and FTX NFT business lines as it looks to expand its presence and drive further growth. The investment process was led by the company's own ventures team, with help from Paradigm, Ribbit, and BTIG.

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Keywords: investment, cryptocurrency, cryptocurrency exchange
Categories: Banking & Fintech | Cryptocurrencies
Countries: World
This article is part of category

Banking & Fintech