FTX closes $400mn series C pushing valuation to $32bn

The owner and operator of crypto exchange FTX.COM, announced on Monday the closing of a $400 million Series C fundraise, which has increased the valuation of the company to $32 billion.

Here is what we need to know:

  • The latest funding round saw participation from Temasek, Paradigm, Ontario Teachers’ Pension Plan Board, NEA, IVP, SoftBank Vision Fund 2, Lightspeed Venture Partners, Steadview Capital, Tiger Global, and Insight Partners, among others.
  • The company also said that all investors involved in the Series C raise simultaneously participated in the previously announced FTX US Series A funding round, which valued FTX US at $8 billion.
  • The Series C round is the crypto exchange’s third fundraise to occur in the past six months, bringing the total amount raised to $1.8 billion with FTX’s valuation increasing by over 75% in that period.
  • Many of the investors contributing to the Series C also participated in previous rounds, demonstrating the investors’ belief in the company’s vision and their continued support of FTX’s explosive growth.
  • FTX CEO Sam Bankman-Fried said that Series C “financing round represents a milestone achievement for FTX, as we raised close to $2 billion in six months.” He said that the company will continue to work with regulators to offer digital asset products in a “safe and compliant manner.”
  • FTX has grown significantly since the company was valued at $25 billion during its Series B-1 round in October 2021, with the company’s user base growing 60% and its average daily trading volume increasing 40%, reaching approximately $14 billion in daily volume, the statement said.

 


About the author

Tsering Namgyal is the chief content officer of Blockchain Asset Review.

 

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