FTX raises $420.69 Million backed by 69 Investors
The popular crypto exchange platform FTX has raised $420.69 Million just months after it raised $900 Million in a Series B round. FTX was founded in 2019 and is currently valued at $25 Billion.
FTX plans to use the funds to expand into new products and strengthen the platform via acquisitions. The exchange has also spent 0ver $400million on sports advertising this year. FTX currently has sporting sponsorships with Major League Basketball, Miami Heat and TSM
FTX’s new funding round included participation from 69 investors, including Tiger Global, Ribbit Capital. Other participants include Lightspeed Ventures, Sequoia Capital, and SEA Capital. Interest in FTX’s bitcoin futures market has soared to nearly $4 billion since May.
FTX says since the last capital raise in July, the company’s userbase grew by 48% and trade volume increased by 75%. The exchange noted it averages roughly $14 billion per day in crypto asset trade volume. However, FTX cannot do business in the United States due to regulations and hopes to offer access to US customers next year.