FTX attains the 25 billion mark as per evaluation

• The FTX exchange, founded by Sam Bankman-Fried, has received the largest investment round in the history of cryptocurrency
• The latest round of investment shows that BTC’s recent drop below $30,000 has not deterred venture capitalists from rushing to support the next Coinbase, the cryptocurrency exchange that went public in April and has raised a market value of 86 billion dollars
• Fried, a billionaire aged 29, created FTX in 2019

The FTX exchange, founded by Sam Bankman-Fried, has received the largest investment round in the history of cryptocurrency. According to a business statement, the exchange’s 900 million series B investment comprised above 60 investors, including Sequoia, Paradigm, and Rabbit Capital. FTX has been spending a lot of money recently to promote its brand to the outside world. FTX has funneled revenues from cryptocurrencies’ most recent bull run into marketing itself to individuals who are intrigued about cryptocurrencies, from multimillion-dollar sponsorship partnerships with the NBA’s heats in Miami, to join hands with a Major Baseball League. 

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The latest round of investment shows that BTC’s recent drop below $30,000 has not deterred venture capitalists from rushing to support the next Coinbase. This cryptocurrency exchange went public in April and has raised a market value of 86 billion dollars. As per Bankman-Fried, it seemed to be a very lengthy procedure. 

However, what actually mattered was to get a platform to talk about it, according to Bankman-Fried. He wanted to talk about what FTX was going through, and planning for the future. The money would be used to develop new goods both in the native United States and  worldwide. They want to be prepared and ready, in case they plan on deciding to proceed with it. He mentioned that although they do not have any plan chalked out, they do plan on releasing an IPO. 

Fried, a billionaire aged 29, created FTX in 2019. As per the exchange, it holds over 1 million users and a daily trading volume of over 10 billion dollars. In a statement, Matt Huang who co-founded Paradigm with early Coinbase worker Fred Ehsram stated that Sam Bankman Fried is an exceptional founder whose vision is astonishingly audacious and uniquely fitted to the future of crypto. With FTX rising to become a top worldwide exchange in two years, the team’s execution speaks for itself.