FTX CEO Sam Bankman Fried joins Emily Chang discussing their recent feat of $400 million funding round and shares his views on the crypto bear market. He also shares his desire to venture for crypto sports partnerships as the next stint. Although Bitcoin has a rough patch in January, he believes it can still go high and mere roughness will suit the market speculation for better.
The recent funding will help them think differently in terms of customer branding too when it comes to crypto exchanges ushering in the era of trust and transparency. He talks about Public versus Private diversion here where investors being the part of private diversion can hold onto the crypto market and their investments.
Major cryptocurrency exchange FTX – owned and operated by FTX.com, raised $400 million from investors including SoftBank at a price worth $32 billion. FTX is a huge crypto platform that feeds to a vast customer base. It counts market suppliers and institutional investors outside the United States.
On Monday, the flourishing crypto exchange FTX valued at $32 billion made the platform one of the most profitable foundations in the ever-surging digital currency sector. FTX claimed, “the allowance in FTX contained investments from Singapore’s Temasek Holdings and the Ontario Teachers’ Pension Plan Board.”
In October 2021, FTX last witnessed a rise in its fund i.e., $420.69 million in a Series B-1 round at a valuation of $25 billion. Since then, it’s now that FTX raises a significant uptick in valuation. The company FTX has presently augmented a total of $1.8 billion in the past six months. This rise in funds is due to the enhancement of venture capital bets on an industry that has drawn striking interest since the global hit of the COVID-19 pandemic.
Last week, FTX’s U.S. authority reported being valued at $8 billion after raising $400 million. The surge came from only the first funding round including the same group of investors. The financing by SoftBank’s Vision Fund 2 is reported to be the newest in the crypto sector.