FTX plans to secure $1.5B in brand new fundraise
After raising over $420 million in its funding round in late October, top crypto derivatives exchange FTX is now looking to secure a further $1.5 billion from investors for its US subsidiary, news outlet The Information reported Friday.
Citing two anonymous sources, the report suggested that FTX will likely reach a valuation of $32 billion, while its US subsidiary FTX.US could be valued at $8 billion.
As part of its global expansion strategy, the company has been on a fundraising spree. Its series-B1 funding in October raised $420 million which led the company to reach a valuation of $25 billion, a whopping 39% increase from July when it raised $900 million.
FTX CEO Sam Bankman-Fried said in October that he would continue to expand overseas through acquisitions and alliances with local companies to serve a large number of users across the world.
The news also comes as the exchange launched an NFT marketplace that supports both Ethereum and Solana-based NFTs. The earlier version of the marketplace only supported Solana NFTs, but the newer upgrade lets users buy, sell, and display NFTs minted on both chains.
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