21.7 C
New York
Friday, July 30, 2021

Crypto firm FTX Trading’s valuation rises to $18 bn after $900 mn funding

Must read

Stocks in focus: JK Laxmi Cement, MRPL and more

Business News>Markets>Stocks>News>Stocks in focus: JK Laxmi Cement, MRPL and more Check out the stocks that will be in focus during trade today based on...

Buy Nalco, target price Rs 100: Yes Securities

Yes Securities has buy call on National Aluminium Company Ltd. with a target price of Rs 100. The current market price of National Aluminium...

Gold set for biggest weekly gain in over 2 months on dovish Fed

Gold prices held near a two-week high on Friday, and were set for their biggest weekly gain in more than two months, on renewed...

Wall St gains with upbeat earnings and forecasts; Facebook falls 4%

NEW YORK: US stocks ended higher on Thursday, boosted by robust U.S. earnings and forecasts, while data showed the economy recovered to pre-pandemic levels...
bitcoin, cryptocurrency, digital, exchanges

Founded and led by Sam Bankman-Fried, a 29-year-old crypto billionaire, FTX is the owner and operator of the FTX.COM cryptocurrency exchange


FTX Trading Ltd said on Tuesday its valuation had risen to $18 billion after a $900 million round that included Group Corp and was one of the biggest fundraises for a crypto company.


The round saw participation from more than 60 investors, including venture capital firm Sequoia Capital, private equity giant Thoma Bravo, Daniel Loeb’s Third Point, the Paul Tudor Jones family and British hedge fund manager Alan Howard.


The latest comes as investor sentiment towards cryptocurrencies has somewhat soured after an initial euphoria earlier this year due to mounting regulatory concerns globally.


Binance, another major exchange, has faced scrutiny from regulators in Britain, Germany, Japan, and Hong Kong. The United States is also investigating the exchange, according to a media report.


The tightening scrutiny has weighed on bitcoin’s price, with the most popular on Tuesday falling below $30,000 for the first time in a month.


Founded and led by Sam Bankman-Fried, a 29-year-old crypto billionaire, FTX is the owner and operator of the FTX.COM exchange.


The two-year-old company said it has more than 1 million users and averages about $10 billion in trading volume per day, with revenue surging more than tenfold this year.


FTX, which also counts celebrity couple Tom Brady and Gisele Bundchen among its backers, caters to a wide variety of traders, including retail investors, family offices and institutional traders.


It plans to use the fresh infusion of funds to expand its product offerings and for other investments.


Coinbase Ventures, the venture arm of recently listed cryptocurrency exchange Coinbase Global Inc, also participated in the round.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor




Read our full coverage on cryptocurrency



First Published: Wed, July 21 2021. 01:45 IST

- Advertisement -

Latest article

Stocks in focus: JK Laxmi Cement, MRPL and more

Business News>Markets>Stocks>News>Stocks in focus: JK Laxmi Cement, MRPL and more Check out the stocks that will be in focus during trade today based on...

Buy Nalco, target price Rs 100: Yes Securities

Yes Securities has buy call on National Aluminium Company Ltd. with a target price of Rs 100. The current market price of National Aluminium...

Gold set for biggest weekly gain in over 2 months on dovish Fed

Gold prices held near a two-week high on Friday, and were set for their biggest weekly gain in more than two months, on renewed...

Wall St gains with upbeat earnings and forecasts; Facebook falls 4%

NEW YORK: US stocks ended higher on Thursday, boosted by robust U.S. earnings and forecasts, while data showed the economy recovered to pre-pandemic levels...

Buy State Bank of India, target price Rs 465: Yes Securities

Yes Securities has buy call on State Bank of India with a target price of Rs 465. The current market price of State Bank...