Earlier this year, the popular crypto exchange FTX raised $900 million in a Series B round with a valuation of $18 billion, which included as many as 60 investors. In today’s announcement, FTX declared that it had raised another $420 million after a Series B-1 round.
The Series B-1 funding round involved as many as 69 investors, including giants like BlackRock and Tiger Global, who have now come on board. FTX attained the largest-ever investment round back in July and now aims to maintain a global presence.
The exchange also reported in the announcement that the firm witnessed a surge of 48% in the number of users after July while the trading volume rose by as much as 75%. Now, the exchange is on its way to being a worthy contender for the top spot.
FTX plans to expand into more countries
FTX exchange has huge plans for the future, as the CEO of the firm, Sam Bankman-Fried, claims. The exchange moved its headquarters from Hong Kong to the Bahamas because of the regulatory pressure from authorities. This movement was planned to increase the influence of the firm in other crypto-friendly nations.
“FTX is committed to maintaining a close working relationship with local regulators to help promote the growth of crypto and is furthering its commitment to providing all our clients with a safe, trustworthy and compliant exchange.”FTX Spokesperson to CoinDesk
Also, the CEO told CoinDesk in a telephonic interview that the firm is looking to create new openings through acquisitions, projects, and partnerships. With a great deal of money flowing in, the firm has already implemented half-billion dollars in acquisitions.
The company’s growth has been surprising to its rivals as it has invested a lot in summertime marketing through advertisement deals with Major League Basketball. Furthermore, the firm has been actively involved in deals regarding crypto futures derivative products.