FTX Raising $1 Billion at $32 Billion Valuation

FTX is a cryptocurrency exchange conglomerate designed by traders for traders. Its product range includes options, industry-first derivatives, leveraged tokens, and volatility products. FTX is one of the world’s leading digital currency exchanges.

Among already agreed investors are Temasek, SoftBank, and Tiger Global. Negotiations are still in progress. The fresh infusion will be used for more deal-making acceleration. Within the previous investment round in January, FTX raised $400 million.

FTX, headquartered in the Bahamas, was founded in 2019 by Sam Bankman-Fried and Gary Wang. Before launching FTX, Sam Bankman-Fried was a trader on Jane Street Capital’s international ETF desk. While Gary Wang worked as a software engineer at Google. As of now, FTX has established a partnership with such companies as Circle, True USD, Fenwick&West, etc. The company also participates in charity programs, now it has donated more than $10 billion to organizations The Human League and Give well among others. In July, FTX signed a deal for the option to buy lender BlockFi, as well as participated in a discussion to acquire Bithumb, South Korea.

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