Crypto Exchange FTX Attracted $900 M in Series B

by in Cryptocurrency News

FTX $900 M investment

Large crypto derivatives platform FTX headed by Sam Bankman-Fried in 2018, attracted $900 M in the Series B funding phase. Thus, the company's valuation has reached $18 B compared to last year's $1.2 B.

Related: NFT Marketplace OpenSea Raised $100 M in Series B

Tokyo-based international conglomerate holding company Softbank, American venture capital firm Sequoia Capital, crypto exchange Coinbase's investment arm Coinbase Ventures, investment manager VanEck, were among over 60 investors.

The raised amount will allow FTX to offer more products, increase the number of users and carry out strategic investments.

Also, the company is going to build more alliances for FTX Pay, FTX Liquidity program FTX NFT business. Forbes reports that 58% of shares in FTX belong to Sam Bankman-Fried. His reported capital before the recent investment was around $8.7 B. Now the amount is doubled. 29-year-old Sam is crypto’s wealthiest billionaire.

As FTX is advancing, its CEO said in one of his interviews that maybe in the future they will buy global investment bank Goldman Sachs and derivatives marketplace CME Group.