On January 26, the crypto asset exchange FTX US revealed it raised $400 million in a Series A financing round stemming from investors like Softbank, Paradigm, and Multicoin Capital. The Series A investment in FTX US brings the U.S.-based trading platform’s post valuation to $8 billion.
FTX US Reveals $400 Million Capital Raise, Firm Aims to Expand Staff to ‘100-Strong’
Following parent company FTX raising $420.69 million three months ago, the U.S.-based trading platform FTX US announced it has raised $400 million in a Series A funding round. The Chicago-based FTX US launched in 2020 and over the last year, the exchange says it has seen its user base grow 52% quarter-over-quarter. During the last 24 hours, data shows that FTX US has seen $270.2 million or 7,139 BTC in trade volume.
The $400 million investment into FTX US came from investment firms such as Lightspeed Venture Partners, Softbank Vision Fund 2, Temasek Holdings, Multicoin Capital, and Paradigm. “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 U.S., and signaling to the world that we are going to continue to expand very rapidly,” FTX US president Brett Harrison said in a statement.
The exchange’s parent company has been making big moves over the last 12 months with a focus on entertainment and the sports industry. In mid-January, the company launched FTX Ventures in order to bolster blockchain and Web3 adoption with $2 billion in capital. Furthermore, FTX US recently partnered with Monumental Sports Entertainment (MSE) and became MSE’s exclusive crypto exchange and non-fungible token partner.
Harrison told the press that the recently acquired $400 million in capital will be used to increase the exchange’s user base and obtain top talent from the industry. The FTX US president said that it is aiming to expand its staff to 100 employees. “By having this capital, we’re able to go out and be competitive and hire the best people,” Harrison concluded in the announcement.
What do you think about FTX US raising $400 million and gathering a post valuation of $8 billion? Let us know what you think about this subject in the comments section below.
