SoftBank, Coinbase, and VanEck stand out among investors.
The collection doubles the previous record for a cryptocurrency company.
A total of 900 million dollars from various investors come to FTX, one of the exchanges of derivatives of bitcoin and cryptocurrencies of the moment. The company closed a Series B financing round, as reported by CEO and founder Sam Bankman-Fried.
The financing round had the participation of dozens of companies and investment funds, said the businessman. Among the investors stands out the Japanese conglomerate SoftBank, assiduous in investing in cryptocurrency companies in recent times; investment manager VanEck, which has its own bitcoin exchange-traded fund (ETF); and one of the top cryptocurrency companies in the world, Coinbase.
This collection figure is now the new record for a company in the world of cryptocurrencies, doubling the previous maximum, according to Forbes data. The next round with the most funding corresponds to Circle, issuer of the stablecoin USD Coin, which raised $ 440 million last May. The podium is completed by the Bitcoin mining equipment manufacturer Bitmain with $ 422 million in August 2018.
With this injection of capital, FTX achieved a total valuation of $ 18 billion. The company’s new value is 15 times the $ 1.2 billion that FTX was worth a year ago, Forbes noted.
Other notable participants in the funding round were Paradigm, Sequoia Capital, Ribbit Capital, the family of billionaire Paul Tudor Jones and precisely Circle, one of the highest-grossing cryptocurrency companies in previous funding rounds, as we have mentioned.
FTX, the gestation of a cryptocurrency empire
Sam Bankman-Fried’s fortune amounts to more than $ 8.7 billion. Source: Forbes
Founded in 2019, FTX has seen impressive growth in just two years. Its creator, Bankman-Fried, is an experienced Wall Street trader who, before FTX, founded Alameda Research, a company that manages about $ 2.5 billion in cryptocurrencies.
Regardless of the valuation of his company, Forbes estimates Bankman-Fried’s fortune at about $ 8.7 billion, mostly through shares in FTX, of which he owns 58%; and its token, FTT. With the increasing value of FTX, His wealth could amount to 16.2 billion dollars according to calculations from the same source.
In its barely two years of existence, FTX has already managed to capture a large market, moving more than 3% of the total volume of exchanges in 24 hours, according to data from CryptoCompare.
FTX is already among the exchanges with the highest 24-hour trading volume. Source: CryptoCompare.
The news about the capital raised by FTX caused an increase of more than 15% in the price of its token (FTT) in 24 hours. Currently, FTT is trading close to $ 28, while at its lowest point on Tuesday, July 20, it reached a price of $ 23.6, according to CoinMarketCap data.