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After its subsidiary, FTX US, raised $400 million in its first Series A funding round, FTX Trading Ltd. has raised another $400 million in a Series C fundraising round. FTX is now worth $32 billion, with the firm being one of the largest digital asset firms in the world in terms of capitalization.
As per the announcement on Monday, the investment round follows the firm’s Series B at the end of July last year and Series B-1 in October. The most recent financing included participation from Temasek, Paradigm, Ontario Teachers’ Pension Plan Board, Steadview Capital, Tiger Global, Insight Partners, NEA, IVP, Softbank Vision Fund 2, and Lightspeed Venture Partners.
In a statement, FTX CEO Sam Bankman-Fried, who reportedly was targeting a possible $32 billion valuation just two months ago, said:
“Our Series C financing round represents a milestone achievement for FTX, as we raised close to $2 billion in six months. This round will support our continued mission of delivering innovative products and services to the marketplace as well as expanding our global reach with additional licenses around the world.”
He added:
“With the ongoing support from our dedicated investors and userbase, FTX will look to continue interacting with regulators to facilitate access to digital assets in a safe and compliant manner. We look forward to working alongside our investors to achieve our mission and continue our tremendous growth throughout 2022 and beyond.”
FTX’s trading volume has grown massively in 2021 and the exchange is now the third-largest cryptocurrency exchange worldwide. Since the Series B-1 fundraise, its “user base has grown 60% and its average daily trading volume increased 40%, reaching approximately $14 billion in daily volume,” the company said.
The crypto community responded in awe of FTX‘s lightning-fast development just little more than 2 years after its inception. Anthony Pompliano said: