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FTX Raised $900 Million in a Series B Funding Round

FTX has closed its Series B funding round after it raised $900 million.

The crypto exchange was launched in 2019, and it is now one of the most popular ones. It even began collaborations with the Major League Baseball and e-sports team TSM.

Some of the participants were Sequoia Capital, SoftBank, Paradigm, Alan Howard, Izzy Englander, and the Paul Tudor Jones family. In total, 60 investors took part in the funding round.

Thanks to this fundraising, FTX now has a value of $18 billion.

FTX makes its money from trading fees from crypto trading, but it has also ventured into stocks and commodities through derivatives contracts.

With this new sum of money, the company wants to begin work on white-labeling software.

“Whether it is a neo-bank looking to offer crypto trading or a payment portal, everything we have is available via API,” declared Sam Bankman-Fried, FTX founder and CEO.

Source: Theblockcrypto.com

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