FTX Reaches $32B Valuation With $400M Fundraise
FTX raised $400 million in a Series C funding round that gives the cryptocurrency exchange a mammoth $32 billion valuation. That’s about the same as the market cap of Germany’s Deutsche Boerse and more than the Nasdaq exchange or Twitter.
The capital injection will help the exchange fund its global expansion and obtain additional licenses in different markets. CEO Sam Bankman-Fried has previously told CoinDesk that FTX was planning acquisitions and partnerships to enter more countries and grow its user base.
“FTX will look to continue interacting with regulators to facilitate access to digital assets in a safe and compliant manner,” Bankman-Fried said in a statement today. “We look forward to working alongside our investors to achieve our mission and continue our tremendous growth throughout 2022 and beyond.”
The investment was raised at the same time as and from the same group of backers as the $400 million Series A round into FTX US, which gave the American affiliate an $8 billion valuation last week. Paradigm, Temasek, Multicoin Capital and SoftBank were among the firms participating.
The Series C funding round comes a little over three months after FTX raised $420 million, which gave the exchange a $25 billion valuation.
The amounts raised, however, fall short of the $1.5 billion figure reportedly targeted by Bankman-Fried last year.