FTX US raised $400M in funding round led by SoftBank, Temasek and others

FTX is the Chicago-based crypto exchange that has reached an $8 billion valuation for new funding. 

FTX US raised $400M in funding round led by SoftBank, Temasek and others

The new funding will be put toward expanding FTX us workforce and introducing a new offering. 

According to Reuters on Wednesday, the American affiliate of FTX closed a $400 million funding by SoftBank Group Corp. Temasek Holdings, Paradigm and Multicoin Capital, 

FTX US president Brett Harrison said that this development puts their firm as one of the largest crypto exchanges in the US. and sends a message to the world that they are growing very faster. 

Harrison indicated that the firm will use the funds to further its offerings as well as to grow and expand its workforce. 

In 2021, the exchange made a buy and sale agreement to acquire crypto derivatives platform LedgerX to expand its spot trading services by offering Bitcoin(BTC) and Ether (ETH) options and futures contracts to investors. 

FTX's exchange raised $420 million from 69 investors raising its valuation to $25 billion last year. The exchange also pushed marketing efforts by acquiring naming rights to Cal Memorial Stadium and Miami NBA stadium. 

At that time funding for crypto projects continues to increase in other areas of the ecosystem. On Jan 19, Secret Network announced a $400 million fund offer to developers building within its network. The new $225 million ecosystem fund along with a $175 million accelerator pool aims to back privacy-oriented and decentralized applications. 

Venture capital company Andreessen Horowitz also declared its aim to raise $4.5 billion to invest in crypto funds. The firm would allot $3.5 billion for its venture capital fund and $1 billion to seed investments in the Web3 space. British payment platform Checkout.com recently raised $1 billion in investments to advance crypto payment processing. bringing the company's valuation to $40 billion. 

Read: FTX exchange ready to offer $1M prize for banks to accept stablecoin