FTX, the crypto exchange, has no trouble raising money. The crypto derivatives exchange has freshly raised a total of $400 million with the Series C round contributing to raising the company’s valuation to $32 billion, as well as marketing FTX’s third raise in the past 6 months.
In July, FTX was successful in raising $900 million, following which investors put in around $420 million more into the company in October. The round of funding done in July valued FTX at $18 billion, and the October closed raise put the company’s valuation all the way at $25 billion.
The $400 million funding round, which is the latest, will go towards adding products as well as the expansion of the exchange’s global footprint with additional licenses, said Sam Bankman-Fried in a statement. Bankman-Fried is the CEO of FTX.
The acquisitions are to be the largest use of the funds according to a spokesperson in conversation with Blockworks. The potential product plans also include the building on its consumer financial app. The representative of FTX has declined to comment regarding the specific licenses and regions under consideration.
Bankman-Fried also added that the FTX remains focused on its workings with regulators in order to offer access to digital assets in a compliant manner.
The U.S. affiliate of FTX, titled FTX.US, has closed a $400 million raise just this last week, the value of which placed the company at $8 billion. The President of FTX.US, Brett Harrison also spoke with Blockworks at the time, stating that the priorities of the business include building its derivatives business as well as evaluating acquisition opportunities.
Among the investors that took part in the FTX.US round were also participants in its parent company’s fundraise as well, including Temasek, Paradigm, Ontario Teachers’ Pension Plan Board, NEA, IVP, SoftBank Vision Fund 2, Lightspeed Venture Partners, Steadview Capital, Tiger Global and Insight Partners.