Today, the fan-favorite bitcoin exchange FTX Trading Ltd. announced the completion of a 900 million Series B fundraiser valued at $ 18 billion.
According to the press release, over 60 investors participated such as the Paul Tudor Jones family, Coinbase Ventures, VanEck, Insight Partners and many more. Many of the investors had nothing but spectacular to say about the company and its CEO Sam Bankman-Fried. “Crypto has the potential to disrupt our global financial system and we believe that FTX will be a centerpiece of that theme in the years to come,” said Deven Parekh, Managing Director at Insight Partners. “We believe this is just the beginning of FTX’s growth story and look forward to working with you on the journey ahead.”
The funds will be used to “further expand the product offering and user base,” as well as to use the funds to grow the business through strategic investments, the press release said. To drive even more growth for the company, they will expand the network of partnerships they have for their FTX Pay, FTX Liquidity and FTX NFT businesses. This will undoubtedly noticeably increase the company’s presence worldwide.
Commenting on today’s news, Bankman-Fried said, “I am incredibly humble with the support we have received. It’s our first major fundraiser, but through it we’ve created an extremely valuable group of partners. I look forward to working with you to make FTX the best company it can be. ”
FTX is growing at a rapid pace and is poised for even more growth as Bitcoin becomes more mainstream and popular.