Crypto Exchange FTX US closes 400M USD Funding Round to Reach 8B USD Valuation
Bengaluru, January 26, 2022: With new funding, the crypto exchange FTX US which is based in Chicago has achieved a 8 bn USD worth. As per the Reuters, Temasek, Paradigm Company, SoftBank Group Corp as well as Multicoin Capital spearheaded a $400 million investment round for FTX’s American affiliate on Wednesday.
Introduction to FTX US
FTX US is a new, fully regulated cryptocurrency exchange in the United States. FTX US’s mission for another 2 years would be to expand the crypto currency environment, providing the opportunity that attachment bond being Among traders, and will become the sector top US bitcoin exchange.
According to FTX.US’s Brett Harrison who is the president, this move establishes their company as being among the leading cryptocurrency exchanges in the US as well as sends the signal to a rest of the civilized world that they have been fast growing.
The company claimed in a statement that the Series A fundraising included contributions from various crypto investment firms. The funds will be used to enhance the firm’s offerings and also grow and extend its employees, according to Harrison.
Even though the prices of bitcoin and also other tokens have plummeted, the deal illustrates that start-up investors’ faith in the new digital asset business hasn’t really been rattled.
The exchange entered into a purchase-and-sale transaction deal with LedgerX in 2021 to extend by utilising its instant facilities to customers providing investors with Bitcoin (BTC) as well as Futures contracts agreements on Ethereum (ETH).
Last year, FTX’s worldwide crypto exchange netted 420 M USD. through 69 investors, valuing it at $25 billion. Simultaneously, the exchange bolstered its brand awareness by securing Cal Memorial Stadium’s franchise rights as well as the Miami NBA arena.
In the meantime, funding for cryptocurrency initiatives is increasing in other parts of the environment. Secret Network launched a 400 M USD fund for developers constructing inside its own system on January 19. The new ecosystem fund, which includes a 175 M USD accelerator pooling, intends to assist privacy-focused and decentralised apps.