Buy $GGsBreaking: FTX Becomes a $25 Billion Crypto Exchange After $420 Million Fundraise
FTX crypto exchange became one of the most valuable private crypto firms after their latest funding round. The popular crypto exchange raised $420.69 million in its latest funding round with investment from 69 investors. The latest funding round comes just months after it closed the largest funding round in crypto history with $900 million in Series B. Thus, making the latest fundraise the second largest outside ICOs.
The crypto exchange claimed the latest funding would be utilized towards various new products development and company acquisitions. The private funding round saw participation from the likes of Tiger Global, Ribbit Capital, Lightspeed Ventures, Sequoia Capital, Sea Capital, and in total 69 investors.
Starting out as a popular crypto derivative platform, FTX has come a long way in a very short span of time. FTX CEO Sam Bankman-Fried who remains the majority holder in the exchange that also made him one of the youngest billionaires said that the latest investment round was dominated by the interest of investors in the recent growth of the crypto platform.
FTX Reveals ETF Plans in Association With BlackRock
FTX is expanding its business portfolio with the launch of a dedicated NFT platform and continues to string partnerships with mainstream sports leagues and players. With the latest injections of fresh funds, the crypto platform would focus on acquisitions as a way of expansion. Bankman said the firm is planning on three to five acquisitions in near future.
“I would probably guess there will be another three or so,” Bankman-Fried said. “Maybe two small ones … three moderate to big ones.”
The CEO also revealed plans of releasing a crypto exchange-traded fund which seems to have become a talking point in recent days. Bankman revealed that FTX is looking into ETF as a product in association with Blackrock.
“Whether it is a spot or futures based ETF, we’d be willing to talk about structured products with partners like BlackRock.”
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