FTX US Raises $400 Million in Series A, Trading Platform’s Valuation Now $8 Billion

On January 26, the crypto asset trade FTX US revealed it raised $400 million in a Series A financing spherical stemming from traders like Softbank, Paradigm, and Multicoin Capital. The Series A funding in FTX US brings the U.S.-based buying and selling platform’s put up valuation to $8 billion.

FTX US Reveals $400 Million Capital Raise, Firm Aims to Expand Staff to ‘100-Strong’

Following mother or father firm FTX raising $420.69 million three months in the past, the U.S.-based buying and selling platform FTX US announced it has raised $400 million in a Series A funding spherical. The Chicago-based FTX US launched in 2020 and over the past 12 months, the trade says it has seen its consumer base develop 52% quarter-over-quarter. During the final 24 hours, information exhibits that FTX US has seen $270.2 million or 7,139 BTC in commerce quantity.

The $400 million funding into FTX US got here from funding corporations equivalent to Lightspeed Venture Partners, Softbank Vision Fund 2, Temasek Holdings, Multicoin Capital, and Paradigm. “What this elevate means to us is that we’re formally establishing ourselves on the stage of the biggest rivals of cryptocurrency exchanges within the U.S., and signaling to the world that we’re going to proceed to increase very quickly,” FTX US president Brett Harrison mentioned in an announcement.

The trade’s mother or father firm has been making big moves over the past 12 months with a concentrate on leisure and the sports industry. In mid-January, the corporate launched FTX Ventures with the intention to bolster blockchain and Web3 adoption with $2 billion in capital. Furthermore, FTX US not too long ago partnered with Monumental Sports Entertainment (MSE) and have become MSE’s unique crypto trade and non-fungible token associate.

Harrison instructed the press that the not too long ago acquired $400 million in capital will likely be used to extend the trade’s consumer base and acquire prime expertise from the trade. The FTX US president mentioned that it’s aiming to increase its workers to 100 workers. “By having this capital, we’re capable of exit and be aggressive and rent the perfect folks,” Harrison concluded within the announcement.

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