thecoinrepublic.com
- FTX CEO has plans to raise more fundings, according to a couple of unnamed sources
- The firm has plans to raise a total of $1.5 billion for both the global and the US affiliate platforms
- Bankman-Fried cited that FTX had plans to make a series of acquisitions and partnerships to expand their global footprint
FTX is one of the most popular crypto derivatives exchange platforms. The advanced platform of the exchange consists of a variety of investment options. According to experts, the platform is incredible for both freshers and veterans in the crypto market. Recently, Sam Bankman-Fried, the exchange CEO, has revealed plans to raise more fundings. The report was revealed by one of the popular news media outlets Coindesk on Friday. The media outlet has reported the plans citing unnamed sources who know the FTX’s matter.
FTX seeks to increase its valuation
Sam Bankman-Fried, the CEO of FTX crypto assets exchange, plans to raise funds for their platform. According to sources, it has been known that the firm has plans to raise a total of $1.5 billion for both the global and the US affiliate platforms. Notably, the funds will be raised in a funding round as Bankman-Fried will ask investors to acquire shares in its US affiliate platform.
Read More: FTX attains the 25 billion mark as per evaluation
The sources potentially believe that the upcoming funding round would value the exchange platform at $32 billion. In contrast, the funds will also boost the value of the FTX.US platform to $8 billion.
The latest plans follow a Series B-1 funding round
It is worth noting that the FTX crypto derivatives exchange platform has closed a $420,690,000 Series B-1 capital raising round. Indeed, the funding round was closed less than six weeks ago. In the last round, sixty-nine investors and ventures have shown interest and invested in the platform. Such investors also include BlackRock and Tiger Global. At the time, investors valued the exchange at $25 billion.
Read More: FTX Proposes Changes to U.S. Crypto Regulations
The valuation jumped over 39% as compared to the Series B sticker price from July when it raised a whopping $900 million in cryptosphere’s largest-ever venture capital funding round. And now the exchange again has plans to raise funds.
Series of acquisitions and partnerships
Back when FTX continued to raise funds, Sam Bankman-Fried had already highlighted the firm’s plans. At the time, Bankman-Fried cited that FTX had plans to make a series of acquisitions and partnerships to expand its global footprint. Indeed, the acquisitions and partnerships will help the firm get into more nations. Ultimately, the firm has plans to expand its user base, as it will expand in more countries, it will witness a large count of users.