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Crypto asset exchange FTX US revealed to have raised $400 million in a Series A funding round with participation of Softbank, Paradigm, and Multicoin Capital. The investment effectively values the exchange at $8 billion.
The U.S. based FTX US launched in 2020 and has since seen its user base grow 52% quarter-over-quarter. FTX US trading volume is consistently good for more than $250 million over a 24 hour period.
Commenting on the successful investment round, FTX US president Brett Harrison said in a statement:
“What this raise means to us is that we are officially establishing ourselves on the stage of the largest competitors of cryptocurrency exchanges in the U.S. and signaling to the world that we are going to continue to expand very rapidly.”
Harrison added that the recently acquired $400 million in capital will be used to grow the exchange’s user base and hire world class talents from the industry. The company plans to grow its team to 100 new employees. He said:
“By having this capital, we’re able to go out and be competitive and hire the best people.”