Crypto exchange FTX valued at $18bn in latest fundraising round
03:11, 21 July 2021
Cryptocurrency exchange FTX has closed a $900m Series B fundraising round which values the firm at $18bn and saw it backed by 60 investors including Sequoia Capital, Coinbase Ventures and SoftBank.
FTX was launched in 2019 and has seen its revenues increase 75-fold since its previous fundraising round closed in mid-2020, according to a statement by the company.
The firm is domiciled in Antigua but has its main office in Hong Kong and intends to use the latest fundraising to support further expansion.
Derivatives specialist
Alfred Lin, partner at investor Sequoia Capital said that FTX is: “the high-quality, global crypto exchange the world needs”.
Other investors in the fundraising included: Paradigm, Thoma Bravo, Ribbit Capital, Insight Partners, Third Point, Lightspeed Venture Partners, Altimeter, 40North, Senator Investment Group, Sino Global Capital, Multicoin, the Paul Tudor Jones family, Izzy Englander, Alan Howard, VanEck, Hudson River Trading and Circle.
Derivatives specialist FTX is the fifth-largest bitcoin futures exchange by volume, according to data from Skew.com.
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Takeover targets
The company’s CEO, Sam Bankman-Fried, is bullish about the exchange’s future growth potential, saying in a recent interview with the Financial Times that financial firms such as Goldman Sachs, and US exchange CME, were potential future takeover targets.
In a sign of how mainstream cryptocurrency trading has become, FTX recently paid $135m for naming rights to the Miami Heat basketball arena.
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