FTX US, the US-based arm of the international FTX cryptocurrency exchange, has announced the closing of its first funding round. The recently concluded round saw FTX US raise $400 million, valuing the company at $8 billion.
Key takeaways:
- “FTX US scaled rapidly throughout the course of 2021, and our Series A valuation reflects both what we’ve concretely accomplished and what we’ve laid the groundwork for in 2022,” remarked on impressive Series A President of FTX US Bret Harrison.
- The funding round saw participation from a number of prominent corporate investors, including Paradigm, SoftBank, and Temasek, to name a few.
- According to the company’s press release, the newly acquired capital will be used to grow the exchange’s userbase, expand its derivatives offering, and to launch new products and services.
- Harrison commented on the importance of working with regulators and said that “FTX US will emerge as the leading US-regulated crypto spot and derivatives exchange.” To this end, FTX US has recently inked a sponsorship deal with Washington-based sports organizations to increase the exchange’s favor among the regulators.
- The exchange’s parent company FTX raised more than $420 million in last October’s Series B, which increased the company’s valuation to $25 billion. Earlier in the month, FTX launched a $2 billion investment fund with the intention of growing global blockchain adoption and advancing the Web3 sector.
- FTX’s native exchange token FTT gained 4.53% on the news and set a new cycle high of $38.43 earlier today.
