Saturday, July 20, 2024

FTX US, a cryptocurrency exchange, has closed a $400 million fundraising round, valuing the company at $8 billion.

FTX UX, a crypto exchange based in Chicago, declared a valuation of $8 billion after a new round of funding. Reuters reported on Wednesday that the company closed a funding round of $400 million from Temasek Holdings, Softbank Group, Multicoin Capital, and Paradigm.

Becoming a Large Crypto Exchange in the US

Brett Harrison, the president of FTX US, informed that this development places the firm among the top US crypto exchanges. It indicates the company is growing rapidly. According to him, the company will use these funds to increase its offerings. It has plans to grow its workforce. The exchange had made an offer of sale and purchase contract to acquire LedgerX, a crypto derivative platform. It wanted to get into spot trading and offer bitcoin and Ether options as well as future contracts.

$420 Million Raised Last Year

The company had raised this amount last year from 69 fund investors, taking its valuation to reach $25 billion. The firm pushed its marketing efforts by getting the naming rights from Miami NBA and Cal Memorial stadiums.

Funds continue to come in for many other crypto projects in different areas of the crypto ecosystem. Secret Network had announced on January 19 its offer of $400 million to developers working on projects using its network. It includes $225 million for the ecosystem fund and $175 million for the accelerator pool. The goal of these funds is to provide funding for decentralized and privacy-oriented applications. Andreessen Horowitz, the venture capital firm, had announced the plans to raise investments worth $4.5 billion for its crypto funds

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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