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FTX raised $400 mln investments from SoftBank and Temasek

FTX raised $400 mln investments from SoftBank and Temasek

FTX cryptocurrency exchange raised more than $400 million in its first round of financing. Major investors were Japan's SoftBank Group Corp and Singapore's Temasek Holdings.

Why is it so important?

  • SoftBank is one of the largest investors in the world. Its portfolio includes such companies as Alibaba, Arm, and Didi Chuxing, which are large Chinese and British corporations. 

According to Reuters, the money was raised in a Series A investment round. Other major investors included Multicoin Capital and Paradigm. The company's total valuation rose to $8 billion. 

 "What this raise means to us is that we are officially establishing ourselves on the stage of the largest competitors of cryptocurrency exchanges in the U.S. and signaling to the world that we are going to continue to expand very rapidly," FTX US President Brett Harrison said.

Related info:

FTX

Two MIT graduates, Sam Bankman-Fried and Gary Wang, founded the FTX cryptocurrency exchange. Previously both were engaged in trading stocks on the stock market, but in 2019 they decided to create a new exchange concerning digital coins. In two years of operation, the company managed to raise more than $900 million (with a business estimate of $18 billion). Initially, the headquarters was located in Hong Kong, but in September 2021 it was moved to the Bahamas.

Trading volume: ~$10 billion.

Number of trading pairs (markets): 435

Legal status: registered in the Bahamas

Fiat currencies: 10 (including USD, EUR, GBR)

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