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Cryptocurrency Firm FTX Trading Valuation Rises To $ 18 Billion After $ 900 Million Investment

By on July 21, 2021 0

FTX Trading said on Tuesday that its valuation rose to $ 18 billion (around Rs 1.34,280 crore) after a $ 900 million (around Rs 6,710 crore) funding round that included SoftBank Group and was one of the biggest fundraisers for a cryptocurrency company. .

The cycle saw the participation of more than 60 investors, including venture capital firm Sequoia Capital, private equity giant Thoma Bravo, Daniel Loeb’s Third Point, the Paul Tudor Jones family and British hedge fund manager Alan Howard.

The latest funding comes as investor sentiment towards cryptocurrencies has deteriorated somewhat after an initial euphoria earlier this year due to growing regulatory concerns around the world.

Binance, another major cryptocurrency exchange, has come under intense scrutiny by regulators in the UK, Germany, Japan and Hong Kong. The United States is also investigating the exchange, according to a media report.

The tightening of control weighed on the price of Bitcoin, with the most popular cryptocurrency falling below $ 30,000 (around Rs. 22 lakhs) on Tuesday for the first time in a month. The price of Bitcoin in India stood at Rs. 23 lakhs at 1:30 p.m. IST on July 21.

Founded and run by Sam Bankman-Fried, a 29-year-old crypto-billionaire, FTX is the owner and operator of the FTX.COM cryptocurrency exchange.

The two-year-old company said it has over a million users and averages around $ 10 billion (around Rs. 74,570 crore) in transaction volume per day, with revenue that have more than increased tenfold this year.

FTX, which also counts celebrity couple Tom Brady and Gisele Bundchen among its funders, caters to a wide variety of traders, including retail investors, family offices and institutional traders.

It plans to use the new injection of funds to expand its product offering and for other investments.

Coinbase Ventures, the venture capital arm of the recently listed cryptocurrency exchange Coinbase Global, also participated in the roundtable.

© Thomson Reuters 2021

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