FTX Derivatives Exchange Increases Valuation to $32B After a New $400M Fundraise

Unrelenting in its efforts to expand its foothold and valuation as a mega-unicorn, FTX Derivatives Exchange has announced the recent conclusion of its Series C funding where it raised $400 million to top $32 billion in monetary valuation.

The company said the funding round enjoined participation from Temasek, Paradigm, Ontario Teachers’ Pension Plan Board, NEA, IVP, SoftBank Vision Fund 2, Lightspeed Venture Partners, Steadview Capital, Tiger Global, and Insight Partners, among others. Per the announcement, the firm said the investors who took part in this current funding round also participated in the $400 million fundraise for its US subsidiary which raised the offshoot’s valuation to $8 billion.

“Our Series C financing round represents a milestone achievement for FTX, as we raised close to $2 billion in six months,” said Sam Bankman-Fried, FTX CEO. “This round will support our continued mission of delivering innovative products and services to the marketplace as well as expanding our global reach with additional licenses around the world. With the ongoing support from our dedicated investors and userbase, FTX will look to continue interacting with regulators to facilitate access to digital assets in a safe and compliant manner. We look forward to working alongside our investors to achieve our mission and continue our tremendous growth throughout 2022 and beyond.”

FTX Derivatives Exchange has undoubtedly become the darling of venture capital firms focusing on the crypto sector for quite a while. The company has conducted a total of three fundraising campaigns in the past 6 months, bringing the total amount raised to $1.8 billion. The company’s valuation also grew by more than 75% within that time frame.

Push for More Recognition

While working hard to improve its outlook and funding numbers, FTX is pushing for more recognition as one of the dominant players in the digital currency trading ecosystem. The exchange is now ranked as the third-largest platform, boosting its userbase growth by 60% its average daily trading volume increased by 40%, and its trading activities topped approximately $14 billion in daily volume.

In a bid to extend its overall impact in the ecosystem, the trading platform recently launched a $2 billion venture fund created to advance global blockchain, cryptocurrency, and Web3 adoption.