FTX is now valued at $25 billion, following the closure of a record US$1 billion series B.
Notably, The $420,690,000 Series B-1 funding round records 69 investors in participation.
More so, Top game players including Ontario Teachers’ Pension Plan Board, through its Teachers’ Innovation Platform. Also, Singapore’s state-owned investment firm Temasek, Sequoia Capital, Sea Capital, IVP, ICONIQ Growth, Tiger Global. Then lastly, Ribbit Capital, Lightspeed Venture Partners and funds and accounts managed by BlackRock.
Furthermore, A 29-year-old Sam Bankman-Fried founds FTX. Then, bills itself as traders for traders structure.
More so, It brings to the table a wide variety of investment products and services. Of course, it includes derivatives, options and volatility products. Also, tokenized stocks, prediction markets, leveraged tokens and an OTC desk.
FTX Valuation Details
Additionally, The company notes significant growth since its US$1 billion Series B round in July. Notably, it sees users growing 48% and average trade volume increasing 75%. Which gives an average US$14 billion per day in daily volume.
As per the Financial Times report, Bankman-Fried says earlier this year that FTX is on track to make US$1bn of profit in 2021.
“We are focused on establishing FTX as a trustworthy and innovative…”
“exchange by regularly engaging with regulators around the world,..”
“and constantly seeking opportunities to enhance our offerings for digital asset investors,”
According to FTX CEO Sam Bankman-Fried in a statement.
Meanwhile, FTX’s U.S. affiliate acquires Ledger Holdings Inc, a parent company of LedgerX. Which of course, is a digital currency futures and options exchange. So, this is regulated by the Commodity Futures Trading Commission (CFTC).
So, FTX is now going into the non-fungible token (NFT) craze, following the launch of a marketplace in September.
Lastly, FTX initially was in Hong Kong. But recently, it moves its corporate headquarters to the Bahamas.
According to Bankman-Fried, the decision is due to the Bahamian government’s forward-looking stance on crypto. Then, also with the island nation’s lack of quarantine rules, which allows for easy travel