FTX Closes $900 Million Series B — Capital Raise Pushes Exchange Valuation to $18 Billion

FTX Trading Limited. announced that it has completed the largest capital raise in crypto-exchange history with a Series B round of funding for $900 million. The crypto company plans to increase its global presence and has a value of $18 billion.

FTX Closes Largest Capital Raising in Crypto Exchange History

FTX has experienced growth and partnerships in 2021. The company’s Series A financing round in 2017 raised $900 million from more than 60 investors to fund its Series B. The company explains that FTX’s revenues have increased tenfold since its last funding round and that it now has more than one million users.

Paradigm and Sequoia Capital were among the investors that participated in Series B, which cost $900 million. The funds that have been injected will be used to expand and increase FTX’s users and products. FTX will also make “strategic investment”, as detailed in the funding announcement.

Further, the announcement explains that FTX financed the venture via its in-house venture team, with participation from BTIG and Ribbit. Sam Bankman-Fried was the CEO of FTX and expressed gratitude for the support he has received.

Bankman-Fried stated that she is “incredibly humbled” by the support received. It’s our first major fundraise. However, it has helped us to form a valuable group of partners. I am excited to continue working with them to make FTX the best possible company. This round will allow us to continue building a larger and more expansive vision of what FTX can become.

FTX has formed a lot of strategic partnerships in the past year, with a strong focus on professional sports. FTX announced that it will “further extend the network of partnerships” in the future. The company highlighted its plans to expand the firm’s FTX Non-fungible Token (non-fungible token), Liquidity Program and FTX Pay business lines.