FTX.US secures $400M funding at $8B valuation

Source: Unsplash

FTX.US, the US subsidiary of crypto exchange FTX, announced Wednesday that it has closed its first external funding round at a whopping valuation of $8 billion.

Per the announcement, the exchange has raised $400 million from some big names, including SoftBank Group, Temasek Holdings, crypto investment firm Paradigm, Multicoin Capital, and Lightspeed Venture Partners.

The round comes just three months after the parent company FTX raised $420.69 million and brought the company’s valuation to $25 billion.

Brett Harrison, President of FTX US, commented in the announcement:

“FTX US scaled rapidly throughout the course of 2021, and our Series A valuation reflects both what we’ve concretely accomplished and what we’ve laid the groundwork for in 2022. We are thankful for all of our investors, many of whom have supported FTX from its founding, and look forward to working with them as we enter the next stage of our expansion.”

With new funds, the firm will seek to scale its operations, expand its user base, make strategic investments and acquisitions, as well as strengthen its derivatives efforts.