FTX, the cryptocurrency derivatives exchange based by Sam Bankman-Fried, has closed a $900 million funding spherical – highlighting as soon as once more that enterprise capitalists are shrugging off market turmoil of their quest to uncover high quality blockchain performs.
The Collection B funding spherical had over 60 contributors, together with Softbank, Sequoia Capital, Coinbase Ventures, Multicoin, VanEck and the Paul Tudor Jones Household.
With the raise, FTX’s valuation has grown to $18 billion, making it one of many largest cryptocurrency corporations on this planet. Only one yr in the past, the derivatives exchange had a valuation of $1.2 billion.
Associated: FTX crypto exchange integrates institutional buying and selling software ClearLoop
Based in 2018, FTX operates one of many largest crypto derivatives companies on this planet, with common every day volumes exceeding $10 billion. With a head workplace in Hong Kong and a guardian firm in Antigua, the corporate has been extremely lively in acquisitions and branding, having purchased out Blockfolio for $150 million in August 2020. In March of this yr, the exchange secured the naming rights to the Miami Warmth’s stadium for the following 19 years.
Regardless of the current market turmoil engulfing cryptocurrencies, enterprise companies proceed to again crypto-focused startups with higher conviction. As Cointelegraph reported, Silicon Valley’s Andreessen Horowitz launched a $2.2 billion crypto enterprise fund final month, the most important in historical past.
Associated: Latin America’s Mercado Bitcoin exchange raises $200M from SoftBank
Over the previous yr, a number of crypto exchanges have grown to become unicorns – a time period utilized by enterprise capitalists to describe startups with a valuation of $1 billion or extra. Latin America, for instance, is now house to two buying and selling platforms price over $2 billion. A decacorn is an organization price over $10 billion.