Yesterday, FTX raised $900 million in a Series B round – arguably the biggest funding round in the entire history of the crypto space. This has further given the company a valuation of $18 billion.
According to the CEO, in the person of Sam Bankman-Fried, this funding will help FTX traject into a wider global relevance. That is, they would want to leverage this to gain more users from several countries of the world.
Asides from that, the company seeks to utilize this for product enhancement and partnerships expansion. Thus, the Product Team’s research about how the platform can satisfy its users can be implemented.
On the other hand, the FTX is keen on expanding the partnership programs for its arms and products. Their Venture Department will be handling this in conjunction with some external support.
At this juncture, it suffices to say that a lot of investors participated in this round. In fact, there are more than 60 of them. These include VanEck, Circle, Ribbit Capital, Coinbase Ventures, and a host of others.
When interviewed about how they achieved this huge milestone, Sam Bankman-Fried quipped that “It’s our first large fundraise, but through it we’ve formed a hugely valuable set of partners. I’m excited to work with them to make FTX the best company it can be.”
FTX is a trader-centric cryptocurrency exchange platform that has come into existence since two years ago.
FTX offers volatility products, derivatives, options, and leveraged tokens. They designed it to be easy to use whether the trader is a complete newbie or pro.
Sam Bankman-Fried founded it and is the Chief Executive Officer. While Gary Wang, a former Google software developer, is the co-founder.