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FTX which is a cryptocurrency exchange founded by Bankman fried and is based in Hong Kong after launching in San Francisco in 2019 has completed its series B funding of $900 million . In 2019 after its launch,the company was worth around $1.2 billion. The company offers both crypto spot trading as well as crypto future trading to its over 1 million customers worldwide and has a daily trading volume of over $7 billion according to coinbase exchange. This series B funding will make the company worth over $18 billion.
This will make Bankman Fried who owns over 58% of the company to be worth over $16 billion according to the Forbes Magazine.Some of the investors who took part in the series B funding were Paul Tudor Jones Family, Soft Bank,Circle,Sequoia Capital, VanEck,Alan Howard as well as well as Coinbase Ventures.
With The funds,Bankman-fried plans to acquire potential companies. Their recent acquisition includes blockfolio app which was acquired for around $150 million. The company has been spending lavishly to reach clients worldwide. Recently, the company has partnered with several sports clubs such as NBA team,miami heat for around $135 million as well as esport, TSM for a naming right deal worth around $210 million. Beside those two partnership,there is also another partnership with Major League Baseball(MLB) as well as ambassador endorsement to Tom Brady and Gisele BundChen. Should we see an increase in the adoption of ftx worldwide through this spending so that its revenue increases which will result to an increase in its valuation in the months to come.