• The crypto company to invest in video games, Dapps, or other projects.
• FTX seeks to overtake Coinbase, its closest competitor.
The crypto exchange FTX, managed by Sam Bankman-Fried, announces funding $2 billion in new crypto plans. The exchange initiative is motivated by the latest actions that its rival Coinbase has published. Both crypto platforms will compete in 2022 to remain the most dominant in the United States.
The company could invest in social, technological, video games, and even medical sector schemes based on cryptocurrencies. FTX’s valuation in October 2021 was $25 billion showing that it has enough money to do big projects in the current year.
FTX founder discusses future crypto projects
Sam Bankman-Fried, the founder of FTX, has clarified that this first major investment funding will be worth $2 billion. However, Bankman-Fried does not rule out that it could be flexible financing in which its shares will be invested. Alongside the recent naming of a football stadium after the crypto exchange, the CEO and founder of FTX believes that 2022 is the year to cross new horizons so that the crypto market grows. The crypto company has joined forces with other digital firms to advance its projects.
An agent for the Andreessen Horowitz company, Katie Haun, has been talking with the digital firm to raise around $900 million in the month. The company seeks to be a fundamental piece in the next FTX developments.
Reports also indicate that Bankman-Fried owns the trading company Alameda Research heavily involved in crypto investments for almost two years. In 2020, the crypto company invested in over 90 opportunities, according to the data shown by the analysis platforms. Even Bankman-Fried’s alternate company has supported big-name projects like Axie Infinity.
The Coinbase competition
In the cryptocurrency market, there is open competition between Coinbase, one of the leading crypto brokers in the United States, and FTX, which offers its crypto solutions from the Bahamas. While its reputation haunts Coinbase, the FTX Exchange has struggled to earn the number one spot among crypto trading platforms.
The crypto firm raised almost $1.5 billion in 2021. Even one financing was $1 billion, making the exchange debut the recipient of the largest crypto transaction. The valuation figure in the crypto company may increase in the months of 2022, helping it surpass its closest competitor.
The crypto company has also been ranked the best by owning its stadium. The “FTX Arena,” born after Bankman-Fried signed a naming rights contract with the “Miami Heat” owners in the magical city. It is believed that the Exchange could further explore trading in non-fungible tokens or perhaps decentralized finance.