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FTX soars above $32 billion in valuation

FTX

TL; DR Breakdown

  • FTX records a valuation of more than $32 billion
  • US arm of the company now worth $8 billion
  • The company wants to increase its foothold

In the last few weeks, the crypto market has been tumbling. This is bolstered by the rapid fall prices of digital assets growing to two-digit figures. These falls and other factors have shown how delicate and volatile these digital assets and the crypto sector are at any point. But while that seems to be the case, some investments are still racking up findings in the last few days. One of such is FTX, which has enjoyed massive funding growing over $32 billion in valuation.

The US arm of the company now has an $8 billion valuation

According to a recent announcement by Sam Bankman Fried, the two companies under the FTX umbrella, trading and crypto exchange, was the recipient of a Series C funding. According to the CRO of the firms, the funding round was worth about $400 million. This incoming raise is coming off the back of similar success enjoyed by FTX US some days ago.

According to records, the US arm of the company completed a series A funding which saw investors invest about $400 million in the firm. With this, FTX US now boasts of a valuation close to $8 billion. The recent announcement earmarked Temasek, a firm in Singapore, Paradigm, another crypto firm amid other firms lead the investing round.

FTX is making plans to increase its foothold

The company now also holds a new record as this recently completed funding round makes the total amount in the confines of the company over six months about $1.8 billion. With this, Bankman Fried has announced that the company intends to release more products while extending its reach into new territories as the year winds down.

However, he also noted that the company would need to earn licenses to achieve most of its aims. FTX’s success is coming off the back of Bitcoin, seeing a massive price drop. Bitcoin is presently struggling to hold on to $37,000 despite the asset trading around $50,000 in late December. Although most analysts are settling for a crypto winter, Sam Bankman Fried believes that things would take a turn for the good soon.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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