Crypto Exchange FTX Complete $900M Funding Round, Largest in Crypto History

Fazzaco learned that the cryptocurrency exchange FTX has raised $900 million in the latest Series B funding round, which represents one of the largest raises for a crypto company. The company’s valuation currently stands at $18 billion.

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Launched in 2019, FTX has experienced tremendous growth and grown into one of the world's leading crypto exchanges. Earlier in May, the exchange has announced its plan to raise between $400 million and $1 billion in a fresh funding round.

According to the company, the recent investment round included more than 60 investors, including Paradigm, Sequoia Capital, Thoma Bravo and so on. This new financing round will expand FTX's global presence, product offerings and user base, and accelerate the company's growth.

FTX is planning to use the latest 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 program & FTX NFT business lines as it looks to expand its presence and drive further growth.

Sam Bankman-Fried, CEO of FTX said:”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."