The FTX crypto exchange became one of the most valuable private crypto firms after its last round of financing. The popular crypto exchange raised $ 420.69 million in its latest financing round with investments from 69 investors. The latest round of funding comes just months after completing the largest round of funding in crypto history with $ 900 million in Series B funding. This makes the latest fundraiser the second largest outside of ICOs.

The crypto exchange claimed the latest funds would be used to develop various new products and company acquisitions. Tiger Global, Ribbit Capital, Lightspeed Ventures, Sequoia Capital, Sea Capital and a total of 69 investors took part in the private financing round.

FTX started out as a popular platform for crypto derivatives and has come a long way in a very short time. FTX CEO Sam Bankman-Fried, who remains the majority owner of the exchange that also made him one of the youngest billionaires, said the latest round of investments was dominated by investor interest in the crypto platform’s recent growth.

FTX Reveals ETF Plans Associated With BlackRock

FTX expands its business portfolio with the launch of a dedicated NFT platform and continues to partner with mainstream sports leagues and players. With the latest cash injections, the crypto platform would focus on acquisitions as an opportunity to expand. Bankman said the company plans three to five acquisitions in the near future.

“I would probably guess there will be three or so,” said Bankman-Fried. “Maybe two small … three medium to large ones.”

The CEO also revealed plans to release an exchange-traded crypto fund that has apparently been talking about in the past few days. Bankman announced that FTX is studying ETF as a product in partnership with Blackrock.

“Whether it’s a spot or futures-based ETF, we’re ready to talk to partners like BlackRock about structured products.”

Disclaimer of liability

The content presented may contain the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication assumes no responsibility for your personal financial loss.

About the author

As a graduate engineer, Prashant focuses on the British and Indian markets. As a crypto journalist, his interest lies in the introduction of blockchain technology in emerging countries.

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