Valuation of Crypto Exchange FTX Surges to $18,000,000,000 After Closing Series B Round

Valuation of Crypto Exchange FTX Surges to $18,000,000,000 After Closing Series B Round


Crypto exchange FTX is now worth $18 billion after closing $900 million in a Series B funding round.

Over 60 investors participated in the funding round, including Sequoia Capital, Coinbase Ventures, and the Paul Tudor Jones family. It is the first large funding round for FTX, a two-year-old company.

 

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FTX says that the newly raised funds will allow it to expand its product offerings and user base.

The exchange currently caters to over 1 million users and facilitates an average of over $10 billion in daily trading volume.

Last year, FTX raised funds in a Series A funding round and has since grown its revenue by 75 times.

In an interview on CNBC, FTX founder Sam Bankman-Fried says FTX is focused on moving the industry forward.

“It was really just a lot of small things put together, a lot of decisions that we’ve made around how to build a product, trying to be as responsive as we can

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