The US arm of the digital asset exchange raised $400 million in a funding round that saw participation from major names such as Japan’s SoftBank Group Corp and Singapore’s Temasek Holdings. As a result, the company’s total valuation increased to $8 billion.
- In addition to the above names, crypto investment firms Paradigm and Multicoin Capital also participated in the funding round, a Reuters report noted.
- FTX US plans to use the funds to grow its user base and launch new products. It is also looking to expand its workforce along with making several strategic investments and acquisitions.
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“What this growth means for us is that we are officially positioning ourselves on the platform of the largest competitors of cryptocurrency exchanges in the US, and are signaling to the world that we will continue to expand very rapidly.” – commented the president of the company, Brett Harrison.
- Previously, FTX US acquired Ledger Holdings, the parent company of LedgerX, in an effort to begin offering derivatives to United States-based clients. Additionally, the firm is looking to launch an NFT platform.
- FTX US and Bitstamp also aim to provide stock trading services to clients in the US.
- Harrison also reported that the US branch “more than doubled” its user count in the last quarter of last year, to about 1,200,000 users. This came shortly after the exchange reported a 500% increase in volumes in the third quarter.
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