FTX Trading Ltd a cryptocurrency exchange built by traders, for traders has recently closed a $900 million Series B funding round.
This appears to be biggest funding raised in the history of crypto exchange and this has given the crypto trading company a valuation of up to $18 billion.
Sequoia Capital, Coinbase Ventures, Paradigm, Izzy Englander to mention a few led the Series B funding round.
Since the turn of 2021 FTX has seen growth in number of partnerships and this follows after the crypto trading company secured Series A funding in 2020 from more than 60 investors.
According to the company, its revenue has seen a massive increase with more than one million users on the platform.
The crypto exchange platform plans to deploy the new closed fund to expand and increase the company’s product and users.
Commenting on this newly injected fund, Sam Bankman-Fried, CEO of FTX expressed his excitement over all the support the crypto exchange platform has received:
“I’m incredibly humbled by the support we’ve gotten,” Bankman-Fried detailed. “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. We started out as a new derivatives exchange two years ago, and this round will help us continue to build out a bigger and broader vision for what FTX could become.”
The crypto exchange platform has made some significant partnerships in 2021 that has its focus on professional sports.
In the announcement, the company also plans to develop its non-fungible token (FTX NFT), Liquidity program and Pay business lines.
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