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Sam-Bankman Fried, CEO of crypto exchange platform FTX, has planned to increase the funds up to $1 billion (USD). FTX frequently collaborated with a large number of potential investors to raise the fund, which will aid in financial acquisitions during the bear market. Recently, FTX started FTX Ventures, with a venture fund of $2 billion (USD). The main purpose of launching the venture is to support the development of Web 3 adoption, digital currency, and block chain technology.
At the end of January 2022, FTX released data that shows the company completed a $400 million (USD) Services C fundraise, which resulted in increasing the valuation of the company by up to $32 billion (USD). The company also revealed that the investors who are involved in the Services C fundraising are also involved in the FTX US series A funding round, resulting in the validation of the company up to $8 billion (USD).
FTX.COM, a cryptocurrency exchange platform, has constantly gained faith from investors due to the firm’s providing tokenized stocks, leveraged tokens, and an OTC desk on the platform. During the FTX.COM series B-1 round, it was valued at up to $25 billion, and the company constantly started growing its exchange from 40% to 60% in the month of October 2021. FTX is recorded as one of the third-largest crypto exchange platforms after Binance and Coinbase Exchange.
At the mid of February 2022, the exchange’s FTX per day trading volume was $10 billion (USD). But the price of cryptocurrency shows a rate of decline in 2022, resulting in a reduction of the FTX network by up to $8 billion (USD).
In October 2017, Bankman founded a new platform to manage the assets via Almeda Research. In mid-July, Voyager Digital refused to accept the proposal from crypto exchange firms FTX and Almeda due to the ongoing bankruptcy proceedings of both the firms.
Recently, FTX has partnered with BlockFi for $400 million (USD), mostly to prioritize the users’ funds on the platform. In addition to that FTX is trying to buy South Korea’s digital asset, Bithumb. Bithumb is recognized as South Korea’s licensed crypto exchange to control the cash to crypto services.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
