Today, fan-favourite bitcoin exchange FTX Trading Ltd. announced the completion of a 900 million Series B fundraise at an $18 billion valuation, per a release sent to Bitcoin Magazine.
According to the release, over 60 investors participated such as the Paul Tudor Jones family, Coinbase Ventures, VanEck, Insight Partners and many more. Many of the investors had nothing but spectacular things to say about the company and its CEO, Sam Bankman-Fried. “Crypto has the potential to disrupt our global financial system, and we believe FTX will be core to this theme for years to come,” said Deven Parekh, managing director at Insight Partners. “We believe this is only the beginning of FTX’s growth story and are thrilled to partner with them on the journey ahead.”
The funds will be allocated to “further expand its product offerings and user base,” as well as leveraging the funds to grow the business via strategic investments, according to the release. To help drive even more growth for the company, they will be expanding their network of partnerships they have for their FTX Pay, FTX Liquidity program and FTX NFT business lines. This will no doubt noticeably increase the company's presence worldwide.
Bankman-Fried commented on today's news stating, “I’m incredibly humbled by the support we’ve gotten. It’s our first large fundraise, but through it we’ve formed a hugely valuable set of partners. I’m excited to work with them to make FTX the best company it can be.”
FTX is growing at a rapid pace and is poised to capture even more growth as Bitcoin becomes more mainstream and popular.