The U.S. arm of cryptocurrency exchange FTX has raised $400 million from investors including SoftBank and Temasek, giving it a valuation of $8 billion.
Investment firms Paradigm, Multicoin Capital and Lightspeed Venture Partners also participated in the funding, FTX US announced Wednesday.FTX US intends to use the funds to launch new business lines and explore strategic investments and acquisitions.The Sam Bankman-Fried-led firm entered the U.S. market in May 2020, and now has a 24-hour trading volume of $255.5 million, according to data from CoinGecko.This first funding round by FTX’s U.S. arm meets Bankman-Fried’s target of an $8 billion valuation set in December 2021, when he announced the parent exchange’s plans to raise a total of $1.5 billion at a valuation of $32 billion. At its most recent fundraise, in October, FTX was valued at $25 billion.The exchange acquired futures exchange LedgerX in October providing it with a number of licenses granted by U.S. Commodity Futures Trading Commission.
UPDATE (Jan. 26, 9:10 UTC): Adds historical information, fundraising target starting in third bullet point.
UPDATE (Jan. 26, 9:30 UTC): Removes “Report” from headline and replaces link to Reuters article with one to company announcement; adds FTX valuation.
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