FTX Trading, owner and operator of cryptocurrency exchange FTX.COM, has closed a $400 million Series C fundraise.
The round, which features an array of the world’s top technology investors, values the company at $32 billion.
FTX.COM is billed as being built by traders, for traders. It offers derivatives, options and volatility products, tokenised stocks, prediction markets, leveraged tokens and an OTC desk.
The round saw participation from Temasek, Paradigm, Ontario Teachers’ Pension Plan Board, NEA, IVP, SoftBank Vision Fund 2, Lightspeed Venture Partners, Steadview Capital, Tiger Global and Insight Partners.
The company also disclosed that all investors involved in the Series C raise simultaneously participated in the previously announced FTX US Series A funding round, which valued FTX US at $8bn.
The Series C round is the third fundraise to occur in the past six months for FTX.COM, bringing the total amount raised to $1.8bn with FTX’s valuation increasing by over 75% in that period.
“Our Series C financing round represents a milestone achievement for FTX, as we raised close to $2 billion in six months,” said CEO Sam Bankman-Fried. “This round will support our continued mission of delivering innovative products and services to the marketplace as well as expanding our global reach with additional licences around the world.
“With the ongoing support from our dedicated investors and user base, FTX will look to continue interacting with regulators to facilitate access to digital assets in a safe and compliant manner.
“We look forward to working alongside our investors to achieve our mission and continue our tremendous growth throughout 2022 and beyond.”
Since October 2021 the company’s user base has grown 60% and its average daily trading volume increased 40%, reaching approximately $14bn in daily volume.
It has established itself as the third-largest crypto exchange in the world in that period and the largest exchange outside of China.
The company also recently launched FTX Ventures, a $2bn venture fund created to advance global blockchain, cryptocurrency and Web3 adoption.