FTX, the cryptocurrency derivatives exchange founded by Sam Bankman-Fried, has raised $900 million in a funding round, the Series B investment round had over 60 participants, including Paradigm, Sequoia Capital, Coinbase venture, and Softbank.
FTX was in founded 2019, has been valued at $18 billion. The company's revenues have increased over tenfold this year and with over 1 million users and averaging over $10B of daily trading volume, FTX has grown into one of the world's leading crypto exchanges.
The platform serves the entire chain of cryptocurrency trading participants from retail and crypto-native investors, to sophisticated day traders, and experienced institutional traders.
The funds will allow FTX to further expand its product offerings, user base, and also mergers and acquisitions.
"I'm incredibly humbled by the support we have gotten. It's our first large fundraise, but through it, we've formed a hugely valuable set of partners. I'm excited to work with them to make FTX the best company it can be. We started out as a new derivatives exchange two years ago, and this round will help us continue to build out a bigger and broader vision for what FTX could become." said Sam Bankman-Fried, CEO of FTX.
"FTX is the high-quality, global crypto exchange the world needs, and it has the potential to become the leading financial exchange for all types of assets. Sam is the perfect founder to build this business, and the team's execution is extraordinary. We are honored to be their partners." Alfred Lin, partner at Sequoia Capital
FTX is a cryptocurrency exchange built by traders, for traders. It offers innovative products, derivatives, options and volatility products, tokenized stocks, prediction markets, the company is based in Hong Kong.