Crypto exchange FTX has reached a staggering new valuation after it completed its latest round of fundraising.
According to a press release, the company closed $400 million during its Series A round of funding today, which now has FTX valued at $8 billion.
Brett Harrison, FTX’s president, says that the crypto exchange’s valuation reflects its rapid growth in 2021 and will serve as the foundation for its future.
“FTX US scaled rapidly throughout the course of 2021, and our Series A valuation reflects both what we’ve concretely accomplished and what we’ve laid the groundwork for in 2022.”
With the newly raised funds, the company plans to launch new business lines, grow out its user base, offer more crypto derivatives, and challenge Coinbase for the leading crypto exchange operating in the United States.
Harrison says that as long as FTX cooperates with regulations, he feels confident that FTX will develop into the top digital asset exchange.
“As lawmakers and regulators continue to develop a US regulatory framework for digital assets, we expect crypto to play a much larger role in the broader financial landscape in 2022 and beyond.
We’re excited to continue working cooperatively with them, and feel confident that FTX US will emerge as the leading US-regulated crypto spot and derivatives exchange.”
Some of the blue-chip investors that participated in FTX’s Series A fund include Japanese tech investment giant Softbank and state-sponsored Singaporean holding company Temasek.
FTX’s native coin, FTX Token (FTT), is exchanging hands at $37.31 at time of writing, a 25% decrease from its seven-day peak of $49.60.
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The post Crypto Exchange FTX Reaches Massive $8 Billion Valuation in New Funding Raise appeared first on The Daily Hodl.