FTX Raises $400 Million in Series C Fundraise, Firm Reaches $32 Billion Valuation
Following the company’s subsidiary FTX US raising funds in its first Series A financing round, parent company FTX Trading Ltd. has announced it has secured $400 million in a Series C fundraise. The crypto company’s latest financing round brings the firm’s post-money valuation to $32 billion.
FTX Series C Fundraise Brings Firm’s Valuation to $32 Billion
FTX Trading Ltd. has raised $400 million in a Series C fundraising round according to an announcement on Monday. The fundraise follows the firm’s Series B at the end of July last year and Series B-1 toward the end of October 2021. The latest financing saw participation from Temasek, Paradigm, Ontario Teachers’ Pension Plan Board, Steadview Capital, Tiger Global, Insight Partners, NEA, IVP, Softbank Vision Fund 2, and Lightspeed Venture Partners.
“Our Series C financing round represents a milestone achievement for FTX, as we raised close to $2 billion in six months. This round will support our continued mission of delivering innovative products and services to the marketplace as well as expanding our global reach with additional licenses around the world,” FTX CEO Sam Bankman-Fried said in a statement sent to Bitcoin.com News. Bankman-Fried added:
“With the ongoing support from our dedicated investors and userbase, FTX will look to continue interacting with regulators to facilitate access to digital assets in a safe and compliant manner. We look forward to working alongside our investors to achieve our mission and continue our tremendous growth throughout 2022 and beyond.”
The capital fundraise brings the crypto company’s valuation to $32 billion which makes it one of the largest digital asset firms in the world in terms of capitalization. Additionally, the company’s exchange based in the United States, FTX US, raised $400 million in its first capital fundraise.
FTX says the company has seen immense growth since its Series B-1 fundraise and notes that the company’s “user base growing 60% and its average daily trading volume increased 40%, reaching approximately $14 billion in daily volume.” In October, the firm’s crypto trading volume propelled the exchange to becoming the third-largest cryptocurrency exchange worldwide.
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