According to CNBC, Sam Bankman-FTX Fried’s is in discussions with possible investors about a funding round that would maintain the company’s valuation in line with earlier financing at the beginning of the year.
The most recent investment round for FTX Trading Ltd. garnered $400 million in January, increasing the exchange’s estimated value to around US$32 billion.
According to unnamed insiders who spoke to CNBC, the corporation will utilize any new funding to “fuel more deal-making.” The news source also mentioned that Tiger Global Management, SoftBank’s Vision Fund 2, and Singapore’s Temasek are among the current investors.
This year, FTX established itself as a market consolidator, utilizing the Crypto Winter, which is upsetting colleagues and competitors in the industry, as a buying and lending opportunity.
FTX signed a contract in July allowing it to acquire the lender BlockFi, and the business was apparently in negotiations to acquire the South Korean company Bithumb. FTX is apparently one of the highest bidders for the assets of the insolvent crypto lender owned by Voyager.
Because it is privately held and based in the Bahamas, FTX has not experienced stock market volatility like the exchange Coinbase, which has lost more than 75% of its value this year.
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