A 29-year-old crypto billionaire Sam Bankman-Fried establishes a firm led by him with the name FTX. It is the owner and sole operator of the FTX.COM cryptocurrency exchange. It plans to adopt a fresh liquid of funds to expand its product offerings and for additional investments.
On Tuesday, FTX Trading Ltd reported its estimate had surged to $18 billion from $900 million funds that included SoftBank Group Corp. It stood to be the top biggest fundraises for a crypto platform. The course saw support from more than 60 investors, including top VC firms like Sequoia Capital, private equity giant Thoma Bravo, Daniel Loeb’s Third Point, the Paul Tudor Jones family and British hedge fund manager Alan Howard.
The latest funds arise as investor sentiment towards the crypto market has slightly turned after an initial exaltation earlier this year concerning the mounting regulatory breakdowns globally. Binance, another major cryptocurrency trade, has endured analysis from regulators in Britain, Hong Kong, Germany and Japan.
The US is also studying the exchange platform. According to a media report, the tightening analysis has scaled on bitcoin’s value, with the most popular crypto coin dropping down below $30,000 on Tuesday for the first time in a month.
A 29-year-old crypto billionaire Sam Bankman-Fried establishes a firm led by him with the name FTX. It is the owner and sole operator of the FTX.COM cryptocurrency exchange. This fresh startup company announced it has approximately 1 million users and averages nearly $10 billion in trading volume every day. Moreover, its income is rising more than tenfold this year.
FTX, which also includes celebrity stars like Tom Brady and Gisele Bundchen amidst its backers, caters to a broad category of traders, including local investors, family offices and institutional dealers. Coinbase Ventures, the investment hand of freshly listed cryptocurrency exchange Coinbase Global Inc, also aided in the funding round.