FTX, the favored operator of cryptocurrency trade FTX.com. immediately introduced the closing of a $900 million Sequence B fundraise, valuing the corporate at $18 billion. The brand new financing spherical goals to broaden FTX’s international presence, speed up progress, and represents one of many largest raises for a crypto firm.
Over 60 buyers participated within the $900M Sequence B, together with Paradigm, Sequoia Capital, Thoma Bravo, SoftBank, Ribbit Capital, Perception Companions, Third Level, Lightspeed Enterprise Companions, Altimeter, BOND, NEA, Coinbase Ventures, Willoughby Capital, 40North, Senator Funding Group, Sino World Capital, Multicoin, the Paul Tudor Jones household, Izzy Englander, Alan Howard, VanEck, Hudson River Buying and selling, and Circle.
Since its launch in Might 2019, FTX has skilled monumental progress. The corporate’s revenues have elevated over tenfold this yr and 75x since its Sequence A funding spherical closed in mid-2020.
With over 1 million customers and averaging over $10B of each day buying and selling quantity; FTX has grown into one of many world’s main crypto exchanges. The platform serves your complete chain of cryptocurrency buying and selling members; from retail and crypto-native buyers to classy day merchants, household workplaces, and skilled institutional merchants.
This Sequence B will enable FTX to additional broaden its product choices and consumer base. The corporate will leverage the funds to additional improve its choices and make strategic investments designed to develop the enterprise. FTX may even look to additional broaden the community of partnerships it has for its FTX Pay, FTX Liquidity program & FTX NFT enterprise traces. The funding course of was led by the corporate’s personal ventures staff, with assist from Paradigm, Ribbit, and BTIG.
“I’m extremely humbled by the help we’ve gotten. It’s our first massive fundraise, however by it we’ve shaped a massively worthwhile set of companions. I’m excited to work with them to make FTX one of the best firm it may be. We began out as a brand new derivatives trade two years in the past; and this spherical will assist us proceed to construct out an even bigger and broader imaginative and prescient for what FTX might turn into.”
– Sam Bankman-Fried, CEO of FTX