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FTX US raised $400 million at a valuation of $8 billion

FTX US raised $400 million at a valuation of $8 billion

The U.S. division of digital asset platform FTX has closed a $400 million Series A funding round at a valuation of $8 billion.

Paradigm, Temasek, NEA, Multicoin Capital, Tribe Capital, Ontario Teachers' Pension Plan Board, SoftBank Vision Fund 2, Greenoaks Capital, Steadview Capital, Lightspeed Venture Partners and other investors participated.

In December 2021, The Information reported on plans by Sam Bankman-Fried, head of parent FTX, to raise a total of $1.5 billion in investments for the global derivatives exchange and U.S. platform. The former's valuation was expected to reach up to $32 billion and the latter's up to $8 billion.

The firm will use the proceeds to strengthen its position in the U.S. and rigorously enforce the emerging rules governing digital assets.

FTX US is interested in strategic investments and acquisitions in key industries, as well as expanding its network of partnerships. New lines of business are expected to be launched and derivatives efforts intensified.

In an interview with Decrypt, FTX US CEO Brett Harrison specified that the firm will launch cryptocurrency-based futures and options for retail traders in 2022. This huge market remains "untapped" in the U.S., he said. To that end, the platform acquired the regulated cryptocurrency derivatives exchange Ledger X in August 2021.

The top manager noted the role of the NFT marketplace, launched in October, in attracting new customers. NBA star Stephen Curry's involvement as an ambassador and the subsequent launch of a related token collection contributed to the growth in traffic.

FTX aims to become a universal platform for both cryptocurrencies and traditional financial instruments.

Recall that in January 2022 it was reported that FTX US is studying the possibility of including stock trading in its product line.

FTX previously announced plans to issue a Visa debit card and opened a waiting list. 

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