Crypto News

FTX smashes crypto funding record with $900m raise to become exchange decacorn

FTX, the cryptocurrency derivatives alternate based by Sam Bankman-Fried, has closed a $900 million funding spherical – highlighting as soon as once more that enterprise capitalists are shrugging off market turmoil of their quest to uncover high quality blockchain performs.

The Collection B funding spherical had over 60 individuals, together with Softbank, Sequoia Capital, Coinbase Ventures, Multicoin, VanEck and the Paul Tudor Jones Household.

With the increase, FTX’s valuation has grown to $18 billion, making it one of many largest cryptocurrency corporations on this planet. Only one yr in the past, the derivatives alternate had a valuation of $1.2 billion.

Associated: FTX crypto alternate integrates institutional buying and selling software ClearLoop

Based in 2018, FTX operates one of many largest crypto derivatives companies on this planet, with common day by day volumes exceeding $10 billion. With a head workplace in Hong Kong and a dad or mum firm in Antigua, the corporate has been extremely energetic in acquisitions and branding, having purchased out Blockfolio for $150 million in August 2020. In March of this yr, the alternate secured the naming rights to the Miami Warmth’s stadium for the following 19 years.

Regardless of the current market turmoil engulfing cryptocurrencies, enterprise corporations proceed to again crypto-focused startups with better conviction. As Cointelegraph reported, Silicon Valley’s Andreessen Horowitz launched a $2.2 billion crypto enterprise fund final month, the most important in historical past.

Associated: Latin America’s Mercado Bitcoin alternate raises $200M from SoftBank

Over the previous yr, a number of crypto exchanges have grown to grow to be unicorns – a time period utilized by enterprise capitalists to explain startups with a valuation of $1 billion or extra. Latin America, for instance, is now house to 2 buying and selling platforms price over $2 billion. A decacorn is an organization price over $10 billion.