FTX US Cryptocurrency Exchange Raises $400 Mln's.

FTX US Cryptocurrency Exchange Raises $400 Mln's.

2022-01-27 | Big Bob

FTX US Cryptocurrency Exchange Raises $400 Mln's.

After an additional investment, Chicago-based cryptocurrency exchange FTX US has attained an $8 billion value.

As per Reuters, the FTX American branch concluded a $400 million investment round headed by SoftBank Group Corp, Temasek Holdings, Paradigm, as well as Multicoin Capital recently on Wednesday.

According to FTX US president Brett Harrison, this move establishes their company as among the leading cryptocurrency exchange in the United States and delivers a message to the rest of the globe that they are fast expanding.

Harrison stated that the finances will be used to broaden the firm's services and to also sprout and broaden its workforce.

In 2021, the exchange entered into a sale-and-purchase deal to buy cryptocurrency derivatives platform LedgerX in order to extend its spot trading services by giving investors Bitcoin (BTC) as well as Ether (ETH) choices and futures contracts.

The year before, FTX's worldwide exchange received $420 million from 69 investors, bringing its worth to $25 billion. Simultaneously, the transaction boosted marketing efforts by gaining naming rights to Cal Memorial Facility and the Miami NBA stadium.

Nevertheless, financing for cryptocurrency initiatives is increasing in other parts of the economy. Secret Network launched a $400 million financing proposal to developers developing within its network on January 19. The proposed $225 million environment investment, as well as a $175 million accelerator pool, will support privacy-focused and decentralized apps.

Andreessen Horowitz, a venture capital firm, recently revealed seeking to increase $4.5 billion to invest in cryptocurrency funds. The company plans to invest $3.5 billion in its venture capital fund and $1 billion in early investments in the Web3 area. In addition, Checkout.com, a British payment network, has secured $1 billion in financing to enhance cryptocurrency payment processing, raising the company's worth to $40 billion.

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