FTX started comparatively late with its entrance in 2019. However, reflecting the rapid growth of the exchange over time the crypto platform has grown to become a Binance rival.
With a $900 million series B investment round, the FTX crypto exchange has closed the largest funding round in crypto history.
Sequoia Capital, Third Point, Lightspeed Venture Partners, Coinbase Ventures, Softbank, and others participated in the investment round, with Sequoia Capital, Third Point, Lightspeed Venture Partners, Coinbase Ventures, Softbank, and others providing lead funding.
The exchange’s 29-year-old founder and CEO, Sam Bankman-Fried, commented on their record fundraising, saying,
1) I’m deeply humbled by the support we’ve gotten from our new partners:https://t.co/Yz34mEEGcR
— SBF (@SBF_Alameda) July 20, 2021
Because of his 58% shareholding in the company, CEO Bankman Fried has become the wealthiest crypto billionaire, with his entire value increasing to $16.2 billion as a result of the recent investment round’s closure.
“We’ve seen tremendous growth from them, we’re very happy with that but we’ve exited completely. We’re still friends but we no longer have any equity relationship.”
With a slew of new collaborations and sponsorship arrangements, as well as a recent fundraise that is nearly double the value of the last one, the cryptocurrency has been on a roll.
The exchange, which is best known for its derivative trading services, has quickly risen to become the third-largest spot market. Retail and institutional investors use the site, which has one million registered users.