FTX crypto exchange has closed the largest funding round in crypto history with a $900 million fundraise in its series B funding round. The funding round saw participation from 60 investors with lead funding coming from the likes of Sequoia Capital, Third Point, Lightspeed Venture Partners, Coinbase Ventures, Softbank, and many others.
Sam Bankman-Fried, the 29-year-old founder and CEO of the exchange commented on their record fundraise and said,
“The primary goal of the raise was to [find] strategic allies who can help FTX grow its brand,” but the capital itself will be primarily used for acquisitions, any of those are businesses where we think we have a lot of value to add, implementing the tools that we’ve built, and frankly, in some cases, us implementing what they’ve built,”
1) I'm deeply humbled by the support we've gotten from our new partners:https://t.co/Yz34mEEGcR
— SBF (@SBF_Alameda) July 20, 2021
Among the notable names missing from the list include Binance which was among the core investors during the exchange’s fundraise.
The cryptocurrency has been on a song recently with an array of partnerships and sponsorship deals and the recent fundraise which is nearly double in value than the next one. Primarily known for its derivative trading services, the exchange has swiftly managed to become the third-largest spot market as well. The platform boasts of one million registered customers with usage by retail and institutional investors.
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