FTX US scoops up $400 million in series A funding
Cryptocurrency exchange FTX US announced Wednesday that it raised $400 million in its first round of funding.
FTX US reached a valuation of $8 billion
The crypto exchange raised $400 million at a valuation of $8 billion from investors, including Japan's SoftBank Group Corp and Singapore's Temasek Holdings, as well as crypto investment firms such as Paradigm and Multicoin Capital. FTX US said it plans to use the funds to grow its user base, launch new businesses, and consider strategic investments and acquisitions. The company also plans to expand its 100-person workforce."What this raise means to us is that we are officially establishing ourselves on the stage of the largest competitors of cryptocurrency exchanges in the U.S. and signalling to the world that we are going to continue to expand very rapidly," said FTX US President Brett Harrison.
What is FTX US?
FTX.US is a cryptocurrency trading platform and a subsidiary of FTX. It was founded in 2020 to compete with leading crypto exchanges Coinbase and Binance. FTX US had an average daily volume of around $360 million in the third quarter, according to the company. The number of users increased by 52% compared to the previous quarter. The U.S. exchange started 2021 with about 10,000 customers and it finished the year with 1.2 million users.In August 2021, FTX.US agreed to acquire U.S.-regulated crypto derivatives exchange and clearinghouse LedgerX for an undisclosed sum. The move allowed FTX.US to expand its product offering to include futures and options trading in the US. The exchange is also known for its multi-million dollar deals to attract a larger user base, such as the deal with the Miami Heat to rename their home arena FTX Arena, a commercial for the Super Bowl, a collaboration with champion F1 team Mercedes, and a partnership with Major League Baseball (MLB)
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