Coinbase rival FTX US gets $8B valuation in series A financing round

The U.S. affiliate of cryptocurrency exchange FTX raises $400M in its first external financing round, valuing the company at $8B, with Paradigm, Temasek, Tribe Capital, Ontario Teachers' Pension Plan Board, Softbank Vision Fund 2, and Lightspeed Venture Partners among the investors. FTX US will use the funds to expand its U.S. presence and "further establish itself as the largest crypto exchange in the U.S., all while maintaining strict compliance with existing regulations and supporting emerging regulations of crypto spot and derivatives markets," the company said. In addition to growing its user base, bolster its derivatives efforts, and launch new business lines, FTX US plans to make strategic investments and acquisitions in key verticals and expand its network of partnerships. "As lawmakers and regulators continue to develop a US regulatory framework for digital assets, we expect crypto to play a much larger role in the broader financial landscape in 2022 and