Crypto exchange FTX hits $32bn valuation after Series C

Cryptocurrency exchange platform FTX Trading has bagged $400m in its Series C funding round, which brings its valuation to $32bn.

Commitments to the round came from Temasek, Paradigm, Ontario Teachers’ Pension Plan Board, NEA, IVP, SoftBank Vision Fund 2, Lightspeed Venture Partners, Steadview Capital, Tiger Global and Insight Partners, as well as others.

The Series C round is the third fundraise closed by FTX Trading in the past six months. It closed its Series A on $900m back in July 2021 at an $18bn valuation. It then closed a $420m Series B in October at a $25bn valuation.

With the support of the capital, FTX will continue working with regulators to support access to digital assets in a safe and compliant manner.

FTX is a cryptocurrency exchange that offers derivatives, options and volatility products, tokenised stocks, prediction markets, leveraged tokens and an OTC desk.

Since its Series B funding round, FTX has grown its user base by 60% and its average trading volume by 40%, reaching around $14bn in daily volume.

FTX CEO Sam Bankman-Fried said, “Our Series C financing round represents a milestone achievement for FTX, as we raised close to $2 billion in six months. This round will support our continued mission of delivering innovative products and services to the marketplace as well as expanding our global reach with additional licenses around the world.”

The cryptocurrency market has had a strong start to 2022. Last month, iTrustCapital earned the unicorn status after it closed its Series A on $125m, which was its first external investment.

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