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In another record first, for popular crypto exchange and Binance rival FTX Group, the Sam Bankman-Fried led platform has concluded another round of investment. This is according to a report by the media outlet CoinDesk.
$420.69 Million Secured
Following on the back of a significant rally in the crypto market, FTX has announced a new Series B-1 funding round. According to reports, the centralized exchange walked away with over $420.69 million in new funds. This funding session attracted more investors, with over 69 showing interest in the fast-rising Bitcoin exchange. Notable venture capital firms like Tiger Global, Ribbit Capital, and accounts managed by investment firm BlackRock participated in this funding round. This fresh pump of capital has seen the value of the FTX Group spike from $18 billion to $25 billion, reflecting strong investor interest in the crypto derivatives company. This latest investment round on the FTX exchange – which does not support US residents on its main website – follows a blockbuster Series B funding session which saw it raise a staggering $900 million earlier on in July. FTX has stated that user growth has hit 48% since that time, further having a positive impact on its trading volume, which has increased by 75%. Commenting on the development, Sam Bankman-Fried noted that most of the funds would be injected back into the exchange to offer new products and services. Other areas of interest lie in expanding through acquisitions. For now, the crypto billionaire said the exchange could be involved in three acquisitions with a further three moderate or big ones. So far, FTX has completed the purchase of LedgerX with the intent to expand into the US market in the coming year.
FTX Laying The Groundwork For Crypto Success
Contending against crypto titans like Binance and Coinbase, FTX has had to constantly reinvent its services and partnerships. The centralized exchange has duly turned to marketing its platform with significant partnerships spread across much of mainland North America. It recently signed a deal with Major League Baseball to serve as a brand for the pro sports league through its crypto app BlockFolio. Earlier in the year, FTX signed a $135 million deal to rename the home court of the Miami Heat. In addition, FTX has plugged into the booming non-fungible token (NFT) sub-sector through its US subsidiary. In its initial stages, FTX NFTs will allow users to trade, mint, and sell digital collectibles based on the Solana NFT arts.