January 27, 2022
FTX.US the affiliate of cryptocurrency exchange Upstart FTX, announced on Wednesday, 26th January 2022, that it closed its funding round with an $8 billion valuation.
Here’s what we know:
- FTX.US has become the latest unicorn in an industry that has boomed in the past year and raised $ 400 million in its first external fundraising round.
- This investment gives the exchange a valuation of $8 billion from crypto-native firms like Singapore-based Temasek, SoftBank, and the Ontario Teachers’ Pension Plan Board.
- Brett Harrison, president of FTX.US in a statement said, “The raise is a testament to the explosive growth we’ve had over the past year” and added, “What this raise means to us is that we are officially establishing ourselves on the stage of the largest competitors of cryptocurrency exchanges in the US, and signaling to the world that we are going to continue to expand very rapidly.”
- In 2021, FTX.US launched its own NFT token marketplace and a sports advertising campaign worth millions. Its celebrity spokespeople include Tampa Bay Buccaneers star quarterback Tom Brady, fashion model Gisele Bundchen, and Shark Tank’s Kevin O’Leary.
- The exchange was launched in 2020 by former Wall Street trading executives and in October, FTX.US acquired LedgerX in a move to expand in crypto future and option trading.
- According to the company, the exchange had an average daily trading volume of $360 million in the third quarter of 2021. FTX.US plans to use the funds to grow its user base, launch new business lines, and strategic investments and acquisitions.
- In a closing statement, Harrison said, “By having this capital, we’re able to go out and be competitive and hire the best people.”
Image: Getty Images
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.