Crypto exchange FTX raises $400M at $32 billion valuation
On Monday, crypto exchange FTX announced its latest capital raise, a $400 million Series C that values the crypto exchange operator at $32 billion.
FTX closes $400 million series C round
FTX, which offers derivatives products and spot trading, is one of the world's largest digital currency exchanges. With a total of $2 billion in venture capital, FTX has built a war chest at a time when digital currency prices have dropped significantly. The company said all of its U.S. subsidiary investors, including Singapore state investor Temasek, SoftBank's Vision Fund 2, and Tiger Global, were on board for the capital raise.The announcement comes less than four months after FTX raised capital at a $25 billion valuation and just days after FTX announced that its U.S. subsidiary, FTX.US, had raised capital at an $8 billion valuation. FTX's U.S. business caught the attention of the financial press as it grew its user base to 1 million and hinted at ambitions to move into equity trading to compete with household names such as Robinhood.
How will FTX use its fresh capital?
FTX has expanded the capacity of its exchange's matching engine while also expanding its fiat onramps to compete with international exchanges. The company plans to use the fresh funds to develop new products further. It also plans to announce several new licenses for more global operations in the coming months.The company said its user base had grown 60% since October 2021, when it last raised money at a $25 billion valuation, while daily trading volume has increased 40% to an average of $14 billion. The company also recently set up a $2 billion venture fund to invest in crypto start-ups.
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