This news comes on the heels of its Series C round. FTX plans to use the funding to drive global expansion and obtain new licenses. Here are the top-line bullets you need to know.
FTX, a cryptocurrency exchange, has raised $400M in a Series C. The round drew participation from SoftBank Group, Tiger Global Management, Temasek, and Lightspeed Venture Partners, among others.
How’s the company performing?
- Bahamas-based FTX offers a number of products for traders, including derivatives, options and volatility products, tokenized stocks, prediction markets, leveraged tokens, and an OTC desk.
- Since its October 2021 funding round, the company’s user base has grown by 60%, and its average daily trading volume has jumped 40% to hit $14B.
- It recently launched a $2B venture fund, named FTX Ventures, to accelerate the global adoption of cryptocurrency, blockchain, and Web3 technologies.
- The company operates in the Bahamas and the US.
Source: FTX
Why does the market matter?
- The cryptocurrency market is expected to reach a value of $2.2B by 2026, growing at a CAGR of 7.1%, according to Markets and Markets.
- The lack of transparency in current monetary systems has increased the demand for cryptocurrency solutions.
- The rising number of crypto applications across industries has contributed to market growth.
