FTX Hits $32B Valuation Following a $400M Funding Round

Cryptocurrency derivatives exchange FTX has raised a fresh $400 million in a Series C funding round, raising the company’s valuation to a staggering $32 billion. The latest funding round saw participation from Temasek, Paradigm, Ontario Teachers’ Pension Plan Board, Steadview Capital, Tiger Global, Insight Partners, NEA, IVP, Softbank Vision Fund 2, and Lightspeed Venture Partners. This is the third fundraise to occur following the firm’s Series B at the end of July last year and Series B-1 towards the end of October 2021. Over this period, the company’s valuation has increased by over 75%. The investment comes just three days after FTX US also raised $400 million from the same group of backers that raised the company’s valuation to $8 billion. Founder and CEO Sam Bankman-Fried said that the latest investment amount will be used to fund mergers and acquisitions including acquiring additional trading licenses around the globe. “Our Series C financing round represents a milestone achievement for FTX, as we raised close to $2 billion in six months. 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,” Sam Bankman-Fried said in a statement release. Sam Bankman-Fried's FTX crypto exchange is looking to expand after raising another $400 million https://t.co/WpXxBjR4BW via @technology — FTX – Bui...