20 Jul FTX Seeks to Raise More Funds, Targets Flat Valuation From January (Report)
The leading cryptocurrency exchange – FTX – and its American affiliate – FTX US – are reportedly looking to secure additional funding. T
At the beginning of the year, the trading venue, spearheaded by Sam Bankman-Fried, closed a $400 million fundraiser, which boosted its valuation to a whopping $32 billion. The financing was led by prominent investors like SoftBank Group and Temasek Holdings.
Reportedly, the exchange and its US subsidiary intend to raise funds at the same valuation in January
FTX is among the companies in the digital asset universe that keeps expanding its operations despite the recent downturn in the market.
In June, it launched a trading venue in Japan and started providing local investors with crypto services. Users are able to make deposits and withdrawals in their domestic currency – the Japanese Yen.
Shortly after, FTX acquired the Canadian digital platform Bitvo. Watchdogs will thoroughly inspect the agreement, and if approved, the exchange will strengthen its presence in the region.
FTX was also rumored to purchase Robinhood – speculations that SBF later declined.
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