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FTX closes a record $900 million fundraise at an $18 billion valuation.
The Crypto Derivatives exchange FTX has finally closed the biggest private crypto deal in the history of fundraising at the crypto market. The Crypto exchange launched in 2019 announced today that it closed its series B funding raising $900 MILLION at an $18 billion valuation. This is a huge milestone for the FTX Trading Ltd. as well as the crypto market.
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The crypto trading platform which was a little late to the party soon captured a major part of the market and proved to be a tough competition to Binance and Coinbase due to its user friendly interface and the wide variety of services for every level of trader. The platform has over 1 million+ users today.
The series B funding was exceptional and unexpected because a year ago the value of the exchange was reported to be only $1 billion. CEO Sam Bankman-Fried said in an interview, “I’m pretty excited about this”. The trading exchange currently funds itself from trading fees, stocks and derivative contracts. The new capital will surely bring a huge expansion in the company.
It is believed that in total 60 investors capped the fundraising, which included participants like SoftBank, Paradigm, Lightspeed, Coinbase, Sequoia Capital, Thoma Bravo, Third Point, BOND, etc. The fundraising was a private event and instead of working with investment bankers, the company closed the deal with the help of investors Paradigm, Ribbit, and BTIG.
The largest fundraising in the event of crypto till date will help FTX in a global expansion, and growth. ” We started out as a new derivatives exchange two years ago, and this round will help us continue to build out a bigger and broader vision for what FTX could become.” expressed the CEO after today’s deal.