The exchange closes a record $900 million fundraiser at a staggering $18 billion valuation.
FTX Brings In the Bucks
The FTX crypto exchange has received an $18 billion valuation after closing a successful fundraising round. Over $900 million was raised during the fundraiser, which was primarily run by FTX according to Bloomberg journalist Joanna Ossinger.
What Was The Reason For The Fundraiser?
In a recent interview with Forbes, 29-year-old founder and CEO of the exchange, Sam Bankman-Fried, explained that the main aim of the raise was to cultivate growth in strategic allies who can help FTX grow its brand.
“The primary goal of the raise was to [find] strategic allies who can help FTX grow its brand” Bankman-fried explained to Forbes’ Nina Bambysheva.
The capital generated will be predominantly used for acquisitions.
In August 2020, FTX went on to acquire Blockfolio for around $150 million. FTX have made clear their intentions to work with businesses including NFT platforms, trading shops and non-crypto native firms. The financing they have received will very much focus on effective global expansion and accelerating the growth process.
New to the Game
In relative comparison to its competitors, FTX is fairly new to the game having launched in May 2019. They quickly gained a foothold by offering inexperienced traders sophisticated products and ways to learn and use options, futures, volatility products and leveraged tokens.
With a daily trading volume averaging over $10 billion, FTX has continued to make substantial progress and saw revenues increase over ten times just this year as explained in company statements.
After recent partnerships with Major League Baseball (MLB), Tom Brady and Gisele Bundchen, FTX seems invested in merging crypto with mainstream sports. Their fundraising success may leave the exchange inclined to pursue similar future endeavors.
Source : bsc.news
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