Crypto: FTX raises $400 million!

1 billion last July, $420 million in November and another $400 million a few days ago. At FTX, the fundraising follows one another at a dizzying pace. This feat is all the more remarkable in the context of a crypto market that has been on a downward trend for weeks.

 For market players, the crypto sector is particularly competitive. FTX has understood this very well by organising several successive fundraisings. These fundraising events demonstrate both the platform's desire to make a name for itself on a booming market and the enthusiasm of investors for its solution.

 

FTX raises $400 million!

FTX Valued At Over $32 Billion

With the completion of this new round of C funding and the raising of an additional $400 million, the company is now valued at $32 billion. By comparison, this valuation puts FTX on par with a bank like SociétéGénérale or the social network Twitter.

 While the crypto market has been sluggish since mid-November, the FTX platform continues to attract users. This can be seen in the strong growth in the number of users: +60% since October 2021. The same can be said of the daily trading volume, which has risen by 40% since October. This translates into a sharp increase in users: +60% since October 2021.

 Proud of these figures, the exchange does not intend to stop there. It is part of a dynamic of continuous and, above all, extremely rapid improvement. A few months ago, the company even set up a venture capital fund with a total of 2 billion euros. The aim? To invest in crypto projects or start-ups that offer promising solutions, particularly in the field of Web 3.0. The exchange has also developed its own marketplace dedicated to NFTs. And the year 2022 promises to be full of ambition for project holders, with several partnerships in the fintech and video game sectors. This success story of a very young company created in 2017 makes Sam Bankman-Fried the richest man in the world under the age of 30 (22.5 billion dollars).


Ambition To Compete With The Binance Platform?

This new round of funding should be used to further develop the platform internationally. And FTX already has an idea of the strategy to adopt. A strategy that could involve the conclusion of local partnerships in many markets. From now on, the FTX platform will be playing in the big league alongside other behemoths such as the Binance platform and the Coinbase solution. Like these two solutions, FTX also intends to develop on regulatory issues, as Sam Bankman-Fried explains:

FTX will seek to continue to interact with regulators to facilitate access to digital assets in a secure and compliant manner. We are very pleased to be able to continue our tremendous expansion alongside our investors through to 2022 and beyond.

On this point, Sam Bankman-Fried pledged that FTX's international operations will be able to roll out to "most of the Western world" by the end of 2022.

 

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FTX to go public?

To continue to grow, the company may be tempted to go public. When asked about this by CNBC, Sam Bankman-Fried dismissed the possibility in the short term, saying it was not a priority for the group. In the longer term, the company could consider an initial public offering (IPO).

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