Fun

FTX US Raises $400 Million in Series A, Trading Platform’s Valuation Now $8 Billion

News Feed - 2022-01-27 03:01:19

FTX US Raises $400 Million in Series A, Trading Platform"s Valuation Now $8 Billion


On January 26, the crypto asset exchange FTX US revealed it raised $400 million in a Series A financing round stemming from investors like Softbank, Paradigm, and Multicoin Capital. The Series A investment in FTX US brings the U.S.-based trading platform’s post valuation to $8 billion. FTX US Reveals $400 Million Capital Raise, Firm Aims to Expand Staff to ‘100-Strong’


Following parent company FTX raising $420.69 million three months ago, the U.S.-based trading platform FTX US announced it has raised $400 million in a Series A funding round. The Chicago-based FTX US launched in 2020 and over the last year, the exchange says it has seen its user base grow 52% quarter-over-quarter. During the last 24 hours, data shows that FTX US has seen $270.2 million or 7,139 BTC in trade volume.


The $400 million investment into FTX US came from investment firms such as Lightspeed Venture Partners, Softbank Vision Fund 2, Temasek Holdings, Multicoin Capital, and Paradigm. “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,” FTX US president Brett Harrison said in a statement.


The exchange’s parent company has been making big moves over the last 12 months with a focus on entertainment and the sports industry. In mid-January, the company launched FTX Ventures in order to bolster blockchain and Web3 adoption with $2 billion in capital. Furthermore, FTX US recently partnered with Monumental Sports Entertainment (MSE) and became MSE’s exclusive crypto exchange and non-fungible token partner.


Harrison told the press that the recently acquired $400 million in capital will be used to increase the exchange’s user base and obtain top talent from the industry. The FTX US president said that it is aiming to expand its staff to 100 employees. “By having this capital, we’re able to go out and be competitive and hire the best people,” Harrison concluded in the announcement. Tags in this story 100 employees, Brett Harrison, crypto exchange, Finance, ftx, FTX Exchange, FTX NFT, FTX Pay, FTX Trading Limited, FTX US exchange, FTX US president, funding round, Lightspeed Venture Partners, Multicoin Capital, Paradigm, Sam Bankman-Fried, Series A, Softbank Vision Fund 2, Temasek Holdings


What do you think about FTX US raising $400 million and gathering a post valuation of $8 billion? Let us know what you think about this subject in the comments section below. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Russian Banks Begin Testing Digital Ruble Payments FINANCE | 4 days ago Iran to Pilot ‘National Cryptocurrency,’ Considers Blockchain Tech for Stock Market FINANCE | 5 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleMark Zuckerberg’s Meta in Talks to Sell Assets in Crypto Project Diem: Report Next articleTechnical Analysis: Cosmos Decline Continues, as Polygon Surges Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItMad Money"s Jim Cramer Warns About Dogecoin — Says DOGE Is a Security, SEC Will Regulate


The host of Mad Money, Jim Cramer, has warned about dogecoin (DOGE). He said that the meme cryptocurrency is a security and will be regulated. He also questioned the supply of dogecoin. Jim Cramer"s Dogecoin Warning Jim Cramer, the host ... read more.Bank of Russia Proposes Wide Ban on Cryptocurrency Use, Trade, Mining UFC Partners With Dapper Labs to Launch NFT Collection "UFC Strike" Report: A16z to Raise $4.5 Billion for Crypto Investments NYC Mayor Eric Adams Converts First Paycheck to Bitcoin and Ether via Coinbase

News Feed

OpenSea enables support for ERC-721C programmable earnings standard
Zhiyuan Sun4 hours agoOpenSea enables support for ERC-721C programmable earnings standardThe standard allows creators to implement programmable and enforceable creator earnings on-chain.678 Total views9 Total sharesListe
Bitcoin Price Repeating December 2023’s Playbook: Is The ‘Actual Breakout’ Yet To Come?
Este artículo también está disponible en español. Bitcoin (BTC) tries the $100,000 support zone after falling to $98,000 during the recent market shakeout. According to s
330,000 Ethereum Withdrawn From Exchanges In 72 Hours – Supply Squeeze Incoming?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Organizer of Binance-Sponsored Crypto Tour Says Campaign Was Successful
Organizer of Binance-Sponsored Crypto Tour Says Campaign Was Successful A crypto enthusiast and organizer of the Binance-sponsored Blockchain and Cryptocurrency Awareness Tour (BCA
Argentina Government Refuses to Pay $4M Bitcoin Ransom to Hackers Who Paralyzed Its Borders
Argentina Government Refuses to Pay $4M Bitcoin Ransom to Hackers Who Paralyzed Its BordersThe government of Argentina has reportedly refused to pay a $4 million bitcoin ransom dema
Sam Altman thinks giving everyone ‘a slice of GPT’ could pay for UBI
Tristan Greene4 hours agoSam Altman thinks giving everyone ‘a slice of GPT’ could pay for UBIHe also reiterated his call for an international safety agency to protect against existential threats related to AI.2320 To
Tom Mitchelhill3 hours agoSEC is ‘wrongfully attempting’ to police crypto markets — Paradigm counselRodrigo Seira has blasted the SEC for overstepping its jurisdiction in its case against crypto exchange Bittrex.12
Derek Andersen7 hours agoBlackRock iShares Ethereum Trust registered in DelawareThe new corporate entity could be a signal of an upcoming SEC filing.7114 Total views38 Total sharesListen to article 0:00NewsJoin us on soc
Alice Ivey13 hours ago5 AI-themed movies to watchFrom dystopian futures to emotionally charged connections, AI-themed movies have a unique way of tapping into our fascination with artificial intelligence.633 Total views7
Key Indicator Signals Buy On XRP 4-Hour Chart – Analyst Predicts A Price Rebound
Este artículo también está disponible en español. XRP has been navigating a period of consolidation below the $2.50 mark, leaving investors eager to see if the altcoin is
Marcel Pechman2 hours agoData highlights Bitcoin’s potential path to $40K amid global economic turbulenceRobust BTC derivatives data indicates strong demand for leveraged longs.3548 Total views36 Total sharesListen to
Russian Officials Back Idea of Recognizing Crypto Miners as Entrepreneurs
Russian Officials Back Idea of Recognizing Crypto Miners as Entrepreneurs Cryptocurrency mining should be recognized as an entrepreneurial activity under Russian law and taxed acco