Crypto Exchange FTX to Raise Up to $1 Billion
Fazzaco learned that, cryptocurrency exchange FTX has planned to raise between $400 million and $1 billion in a fresh funding round. At that time, the valuation is expected to reach $20 billion(currently $3.5 billion).
The crypto exchange will utilize the fresh funds to improve its relations with large financial services companies as well as expand its reach beyond crypto-native market participants.
If the exchange successfully snatches the capital infusion, it will become one of the top valued crypto companies.
FTX became popular soon after its launch in 2019 due to its unique product line. Then the exchange expanded its markets beyond crypto and launched services including fractional stock trading and a popular predictions market. It also offers spot crypto trading against multiple fiats.
According to FTX, futures trading volume of last month totaled $100 billion last month. Fee revenue came in at $85 million in the previous year.2020. It is now expecting revenue of $400 million in 2021.
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