Daily Management Review

FTX crypto exchange raises $400M investment at $32B valuation


Forbes richest crypto-billionaire Sam Bankman-Fried's cryptocurrency exchange FTX has increased its valuation to $32bn, a valuation it received in a new $400m funding round. FTX has raised almost $2bn in the last six months.

2018 Advantus Media, Inc. and QuoteInspector.com
2018 Advantus Media, Inc. and QuoteInspector.com
FTX Trading, owner and operator of cryptocurrency exchange FTX.com, has raised $400 million in a new funding round, the cryptocurrency exchange announced. It was valued at $32bn, almost a third more than the previous round's valuation. 

The funding round was the third for the company in six months, the report said. During this period it raised a total of $1.8bn and FTX's valuation increased by more than 75%. Many of the C round investors have also participated in previous rounds, "demonstrating faith in the company and continued support for FTX's explosive growth", the exchange notes. 

FTX co-founder and head Sam Bankman-Fried, the richest billionaire under 30 and the richest crypto-billionaire according to Forbes, called the round a "landmark achievement for FTX". "With continued support from loyal investors and users, FTX will seek to further engage with regulators to make access to digital assets easier and safer," he was quoted as saying in a statement.

The company was valued at $25bn in a previous round in October 2021. Since then, its user base has grown by 60% and its average daily trading volume by 40% to around $14bn, the exchange points out. The company previously launched a $2bn venture capital fund, FTX Ventures, to promote blockchain, cryptocurrency and Web3 globally.

source: forbes.com