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FTX smashes crypto funding record with $900M raise to become exchange decacorn

 

FTX, a cryptocurrency derivatives change based by Sam Bankman-Fried, has closed a $900 million funding spherical, highlighting as soon as once more that enterprise capitalists are shrugging off market turmoil of their quest to uncover high quality blockchain performs.

The Sequence B funding spherical had over 60 contributors, together with Softbank, Sequoia Capital, Coinbase Ventures, Multicoin, VanEck and the Paul Tudor Jones household.

With the increase, FTX’s valuation has grown to $18 billion, making it one of many largest cryptocurrency corporations on the planet. Only one yr in the past, the derivatives change had a valuation of $1.2 billion.

Associated: FTX crypto change integrates institutional buying and selling instrument ClearLoop

Based in 2018, FTX operates one of many largest crypto derivatives companies on the planet, with common day by day volumes exceeding $10 billion. With a head workplace in Hong Kong and a mum or dad firm in Antigua, the corporate has been extremely lively in acquisitions and branding, having purchased out Blockfolio for $150 million in August 2020. In March, the change secured the naming rights to the Miami Warmth’s stadium for the subsequent 19 years.

Regardless of the latest market turmoil engulfing cryptocurrencies, enterprise corporations proceed to again crypto-focused startups with larger conviction. As Cointelegraph reported, Silicon Valley’s Andreessen Horowitz launched a $2.2 billion crypto enterprise fund final month, the most important in historical past.

Associated: Latin America’s Mercado Bitcoin change raises $200M from SoftBank

Over the previous yr, a number of crypto exchanges have grown to turn into “unicorns” — a time period utilized by enterprise capitalists to explain startups with a valuation of $1 billion or extra. Latin America, for instance, is now dwelling to 2 buying and selling platforms value over $2 billion. A “decacorn” is an organization value over $10 billion.

Source: Coin Telegraph

 

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