Cryptocurrency exchange, FTX, is currently valued at $18 billion after it secured $900 million in a Series B funding round. The crypto exchange announced that more than 60 investors participated in this funding round, regarded as the company’s largest so far. Coinbase Ventures, the Paul Tudor Jones family, Paradigm, and Ribbit Capital were among the participating investors in the funding round.
The exchange raised funds from a Series A funding round last year, and has not grown the funds 75 times. At the moment, the FTX facilitates more than $10 billion in daily trading volume and provides services to over 1 million users all over the world.
FTX Founder and CEO, Sam Bankman-Fried, said:
“It was a long process, but in the end, what mattered was getting a chance to talk about what FTX has been and where we’re going,”
He further explained that the new funds would give room for product expansion as the company has been sparing no cost to provide exposure to a wider audience “both globally and in the U.S..”
Paradigm co-founder Matt Huang also mentioned that Bankman-Fried is a remarkable founder who has fit into the future of crypto perfectly. He praised FTX’s plan and said that the execution will take the company on the path to becoming a global exchange in two years.
Image Credits: Pixabay
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