FTX US Is Valued At $8 Billion After Raising $400M In Series A

FTX US is valued at $8 billion after it raised $400 million in Series A and the exchange sees a future beyond spot trading with more derivatives and stocks ahead so let’s read more in today’s latest crypto news.

FTX US is valued at $8 billion after a $400 million Series A. The US branch of the exchange aims to expand its derivatives offerings to add stock trading and provide NFT game infrastructure. FTX US is the United States branch of the exchange and announced today that it raised $400 million Series A funding at a valuation of $8 billion. The round included investors like Temasek, Multicoin Capital, Paradigm, Lightspeed Venture Partners, SoftBank, and others. It comes three months after parent company FTX raised its own round that brought in $420 million in October at a valuation of $25 billion.

The information reported that FTX is looking to raise a total of $1.5 billion more between its USA and global businesses in a move that will value FTX at $32 billion and the FTX US at $8 billion. The latter valuation has been confirmed but the exchange hasn’t announced additional funding outside of the US division. The US President Brett Harrison said that the exchange started in 2021 with 10,000 customers and an average of $1 million in daily spot trading volume and finished the year with 1.2 million users and $350 million in daily trading volume. The exchange also plans to tap into the funding to boost the base further whether the investment in its own products or digital marketing as well acquiring more top talent.

The platform’s drop of NFTs from the NBA player and FTX global ambassador Steph Curry resulted in one of the biggest traffic FTX US has seen. The exchange also aims to expand its derivatives offerings with Harrison noting that about 2% of the derivatives trading takes place on US platforms.

The goal is to become a one-stop shop in trading for crypto and more. On top of expanding its derivatives offerings, the exchange will launch stock trading and as new head Amy Wu said, the exchange sees a huge opportunity to provide the infrastructure for NFT-games. Harrison thinks that providing one platform for both crypto and other financial trades is key to keeping the users in the ecosystem:

“If someone wants to invest in crypto and stocks, but those services are in two different places, then it means you need to move money around from the traditional financial system to these different accounts or apps. That can cause a lot of friction.”