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• Amount raised in the funding may be between $400 million to $1 billion.
• Once completed, FTX will join the list of companies with multi-billionaire valuations.
• Details of the funding round are expected to be released by next month.
FTX, a very famous cryptocurrency exchange, is raising a massive $1 million in a funding round, per an article by Coingape. The funding round could result in a valuation of $20 billion of the exchange.
The Recent Funding Round may Raise Amount Up to $1 Billion
FTX made $85 million from the exchange’s fee revenue last year. The CEO of the exchange, Sam Bankman Fried, expects the profit from this year’s fees revenue to be $400 million. In December 2020, FTX raised $200 million in fees revenue. The funding round and its details have still not been disclosed. However, the components may be released next month. Although, some leads suggested that the amount raised in the funding round may be around $400 million to $1 billion.
FTX’s Futures Trading Raises $100 Million in Last Month
Once FTX’s funding round is completed, it will join the list of the industry’s most significant capital raises this year. Back in April, Paxos raised $300 million in a Series D funding round. Again, BlockFi raised a massive $350 million in March. The gigantic funding brought the company’s valuation close to $1 billion. Coinbase, one of the largest crypto exchanges, went public on NASDAQ through a direct listing. On just the first day, Coinbase reached a valuation of $80 billion.
FTX is a cryptocurrency exchange best known for launching new products in the market relatively faster than its peers. The exchange is very well known for the crypto futures trading that it offers. FTX raised a massive $100 million through its future trading last month. In 2021 we saw the growth of cryptocurrencies and crypto-related companies at its peak. Not only did the crypto companies achieve tremendous mainstream adoption, but they also were successful in raising the highest amount of funds in the history of crypto.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
