The Chicago-based cryptocurrency exchange platform FTX US has hit an $8 billion valuation after a new $400 million funding.
According to Reuters, Temasek Holdings, SoftBank Group Corp, Paradigm, and Multicoin Capital led the $400 million investment round for FTX’s American affiliate on Wednesday.
According to FTX US president Brett Harrison, this move puts their company as one of the leading crypto exchanges in the United States and sends a message to the rest of the globe that they are rapidly expanding.
FTX aims expansion with the fund
The company aims to use the funds to enhance the firm’s offerings as well as grow its team, according to Harrison. In October last year, as TheCoinRise reported, the exchange giant FTX joined hands with the four major Washington, DC sports teams under its expansion plans.
The exchange entered into a sale-and-purchase deal with LedgerX in 2021 to expand its spot trading services by providing users with Bitcoin (BTC) and Ether (ETH) options and futures contracts.
Recent fundings seeking to intensify adoption
In the meantime, funding for cryptocurrency initiatives is increasing in other parts of the ecosystem. Andreessen Horowitz, a venture capital firm, recently revealed plans to raise $4.5 billion to invest in cryptocurrency funds. The company plans to invest $3.5 billion in its venture capital fund and $1 billion in Web3 seed investments.
Venture Capital and the owner of The Sandbox, Animoca Brands, recently raised $358.8 million in a new funding round last week.
The new ecosystem fund, which includes a $175 million accelerator pool, aims to support privacy-focused and decentralized applications. Secret Network launched a $400 million fund for developers building within its network on January 19.
Last year, FTX’s worldwide exchange raised $420 million in a B-1 funding round led by 69 investors, valuing it at $25 billion. Simultaneously, the exchange boosted its marketing efforts by securing naming rights to Cal Memorial Stadium and the Miami NBA arena.