FTX raises $900 million in a private fundraiser
Cryptocurrency exchange FTX has raised $900 million in a private fundraiser, with the company experiencing massive growth over the past few months. The funds raised by FTX the largest private equity round in the history of the cryptocurrency market.FTX CEO Sam Bankman-Fried announced the $900 million Series B fundraise at an $18 billion valuation, giving the company a total valuation of $18 billion. The latest development is a huge one for the cryptocurrency exchange as it was only worth $1.2 billion this time last year.
The private equity round was graced by over 60 investors, including popular names like Coinbase Ventures, Softbank, Paradigm, Sequoia Capital, Ribbit Capital, the Paul Tudor Jones family, VanEck, Circle and Alan Howard.
Following this event, Sam Bankman-Fried’s net worth is now close to $8 billion. Bankman-Fried said, “The primary goal of the raise was to [find] strategic allies who can help FTX grow its brand.” FTX will use the funds to acquire more companies and expand its presence in the market.
FTX wants to expand into NFTs and other crypto ventures
Bankman-Fried revealed that the cryptocurrency exchange intends to expand into other crypto areas. He stated that they are interested in non-crypto native firms, trading shops and NFT platforms. Bankman-Fried pointed out that they would invest in or acquire businesses where they think they can a lot of value to add.The cryptocurrency exchange will also use part of the funds on global expansion and growth acceleration. FTX has been expanding its presence in the crypto space in recent months. The company has partnered with several sporting bodies, including Major League Baseball and more.
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