FTX Trading hits $18bn valuation with $900m Series B round
FTX Trading, owner and operator of cryptocurrency exchange FTX.com, has secured $900 million in a Series B funding round, taking its total valuation up to $18 billion.
It is one of the largest ever funding rounds for a crypto exchange with over 60 participating investors, including Paradigm, Sequoia Capital, SoftBank, VanEck and Circle.
The company says the new financing will be used to expand its global presence and accelerate its growth.
This will include expanding its product offerings as well as seeking strategic investments and partnerships.
Interest in cryptocurrency has boomed over the last year, with FTX claiming it has experienced a 10x boost to revenues in 2021 and 75x since its Series A funding round closed in mid-2020.
Launched in May 2019, the firm now boasts over 1 million users and averages over $10 billion of daily trading volume.
Sam Bankman-Fried, CEO of FTX, says: “We started out as a new derivatives exchange two years ago, and this round will help us continue to build out a bigger and broader vision for what FTX could become.”
The investment process was led by the company’s own ventures team, with help from Paradigm, Ribbit, and BTIG.