FTX Trading, the company that owns and operates FTX exchange revealed on Monday that it has concluded a $400 million Series C investment round, valuing the company at $32 billion.
The latest funding comes just days after FTX’s US-based sibling company, FTX US, received $400 million in a Series A round on Jan. 26, valuing the company at $8 billion.
According to the release, Singaporean state investor Temasek, digital asset investment firm Paradigm, Canada’s Ontario Teachers’ Pension Plan Board, Tiger Global, SoftBank Vision Fund 2, and others participated in the current fundraising. All of the companies took part in the FTX US investment round at the same time.
The new fundraising is a significant milestone for FTX, which has raised $1.8 billion in the last six months, according to CEO Sam Bankman-Fried.
Benefits of the fund
According to him, the current round would enable the company to continue developing new products and extend its global presence by obtaining further regulatory permissions and licenses.
The latest funding rounds for FTX come at a time when cryptocurrency markets are in free fall, with Bitcoin falling from above $50,000 in late December to as low as $33,000 on Jan. 25.
While some crypto executives, including as Kraken CEO Jesse Powell, have predicted that another crypto winter is on the way, Bankman-Fried believes it won’t last long:
“I don’t believe we’re about to face a long-term crypto winter.” Interest rate expectations have shifted, which has influenced cryptocurrency markets. But it’s also affecting markets in a broader sense.”
FTX has no plans for an IPO
FTX, according to Bankman-Fried, does not have clear intentions for an initial public offering. “I’m not convinced we’ll be able to do it.” I saw it happening, and I saw it not happening. He stated, “We don’t feel like we have any particular need to do it.”
FTX would “try and be prepared” if they decide to list, according to the executive, with audited accounting and an examination of possible listing possibilities among the preparations.
