FTX.US Reaches $8B Valuation Following Series A
- The $400 million Series A saw participation from, Temasek, NEA, Multicoin Capital, Tribe Capital, SoftBank Vision Fund 2, and others.
- The newly acquired funds will help FTX.US grow its user base, bolster its derivatives efforts, launch new business lines, and explore strategic investments and acquisitions.
Shutterstock
The U.S. arm of cryptocurrency exchange FTX has reached a valuation of $8 billion after completing its first ever funding round, the company said in a press release on 26 January.
According to the announcement, the FTX.US‘ Series A round brought the company $400 million in fresh funding, and saw participation from Paradigm, Temasek, NEA, Multicoin Capital, Tribe Capital, SoftBank Vision Fund 2, Greenoaks Capital, Steadview Capital, Lightspeed Venture Partners, and others. Brett Harrison, the president of FTX.US, said in a statement:
“As lawmakers and regulators continue to develop a US regulatory framework for digital assets, we expect crypto to play a much larger role in the broader financial landscape in 2022 and beyond. We’re excited to continue working cooperatively with them, and feel confident that FTX US will emerge as the leading US-regulated crypto spot and derivatives exchange.”
The newly acquired funds will help FTX.US expand its presence in the U.S. and accelerate its growth. The company will not only focus on growing its user base, bolstering its derivatives efforts, and launching new business lines, bit will also expand its network of partners, make new strategic investments and acquisitions in “key verticals”.
The goal of FTX.US is to become the largest cryptocurrency exchange in the U.S., and while it is still far off from Coinbase’s $100 billion monthly trading volume, it has made has made significant marketing efforts in 2021. FTX not only acquired the naming rights for the Cal Memorial Stadium back in August, but also purchased the rights to the Miami NBA stadium. Last year, the company also made a sale-and-purchase agreement to acquire crypto derivatives platform LedgerX in order for it to start offering BTC and ETH options and futures contracts to investors.
- Unnamed sources have said that the company is currently in talks with interested parties to raise at least $100 million in a new funding round.
- The same people noted that Ledger had experienced growth in its business over the past months, as investors turn to cold storage.
Shutterstock
- The company said the move was made “to protect and preserve assets”, and was caused by “extreme market conditions”.
- Over the last few days the company has also moved massive amounts of wBTC and ETH from the Aave platform to the FTX exchange for unknown reasons.
- The Series F round has more than doubled Chainalysis’ valuation since last year, which is not surprising considering it has increased its customer base by 75%.
- The company has claimed that its various tools are now responsible for monitoring around $1 trillion worth of transactions each month.