The American arm of the digital-asset platform FTX closed a $400m Series A round at an $8bn valuation.
Participants included Paradigm, Temasek, NEA, Multicoin Capital, Tribe Capital, the Ontario Teachers’ Pension Plan Board, SoftBank Vision Fund 2, Greenoaks Capital, Steadview Capital, Lightspeed Venture Partners and other investors.
In December 2021, The Information reported plans by the head of FTX’s parent to raise a total of $1.5bn in investments for the global derivatives exchange and the U.S. platform. It was expected that the valuation of the first would rise to $32bn, the second to $8bn.
The funds will be used to bolster its position in the U.S. and to ensure strict compliance with evolving digital-asset regulations.
FTX US is pursuing strategic investments and acquisitions in key sectors, as well as expanding its network of partnerships. The launch of new lines of business and intensified efforts in derivatives are anticipated.
In an interview with Decrypt, FTX US CEO Brett Harrison noted that in 2022 the firm will launch for retail traders cryptocurrency-based futures and options. He said that in the United States this enormous market remains “untapped”. To this end, in August 2021 the platform acquired the regulated cryptocurrency derivatives exchange Ledger X.
The executive noted the role of the NFT marketplace launched in October in attracting new customers. Traffic growth was boosted by the recruitment of NBA star Stephen Curry as ambassador and the subsequent launch of a related token collection.
FTX aims to become a universal platform for both cryptocurrencies and traditional financial instruments.
In January 2022, reports surfaced that FTX US was exploring the possibility of adding stock trading to its product line.
Earlier, FTX announced plans to issue a Visa debit card and opened a waitlist.
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