Cryptocurrency exchange FTX US completes $400 million in financing, with a valuation of $8B

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Chicago-based cryptocurrency exchange FTX US has reached a valuation of $8 billion after securing new funding.

According to Reuters on Wednesday, FTX’s U.S. subsidiary closure The $400 million funding round was led by SoftBank Group, Temasek Holdings, Paradigm and Multicoin Capital.

Brett Harrison, president of FTX USA, said that this development makes their company one of the largest cryptocurrency exchanges in the United States and sends a message to the world that they are rapidly growing.

Harrison said the company will use the funding to further offer products and expand and expand its workforce.

Back in 2021, the exchange reached a sale and purchase agreement to acquire crypto derivatives platform LedgerX Expand spot trading services By offering Bitcoin (bitcoin) and ether (Ethereum) options and futures contracts for investors.

Global Exchange Raising of FTX $420 million from 69 investors It raised its valuation to $25 billion last year. At the same time, the exchange has also boosted its marketing efforts by acquiring naming rights. california memorial stadium and Miami NBA Stadium.

Meanwhile, funding for crypto projects continues to grow in other areas of the ecosystem. On January 19th, Secret Network announced $400 million fund offer to developers building within their network. The new $225 million ecosystem fund and $175 million accelerator pool are designed to support privacy- and decentralized-oriented applications.

Venture capital firm Andreessen Horowitz also announced its plans Raising $4.5 Billion to Invest in Cryptocurrencies funds. The company will allocate $3.5 billion to its venture capital fund and $1 billion to seed investments in the Web3 space.In addition to this, UK payments platform Checkout.com recently raised $1 billion Investing to advance crypto payment processing, bringing the company’s valuation to $40 billion.