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.
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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.

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