FTX Crypto Exchange Hits $32 Billion in Valuation

• Leading cryptocurrency exchange FTX has announced that $400 million has been raised in a new round of funding

• The company is now valued at $32 billion, up from $25 billion in October last year

• The crypto giant has managed to build its fund’s war chest at a time when crypto market prices are down

FTX cryptocurrency exchange has seen its value rise to $32 billion, after the latest round of funding announced on Monday.

The Bahamas-based exchange disclosed that $400 million had been raised in a round of Series funding. This becomes the third fundraise by the company in the past 9 months.

The company which offers derivatives and spot trading on its platform has grown to become one of the leading exchanges globally, rivaling powerhouses like Binance and Coinbase.

Like Binance FTX doesn’t directly offer services in the United States, instead leaving it to its sister company in the US.

With the addition of the $400 million funding, the exchange has raised more than $2 billion since its inception.

This will serve as a war chest at a time when the value of the entire cryptocurrency market is considerably down from its all-time high.

Bitcoin Is down to $38,000 from its November high of $69,000, while most other cryptocurrencies have crashed harder.

Read also: Nigerian Tech Startup Bamboo Raises $15 Million Series A Funding

The valuation of FTX means that its founder Sam Bankman-Fried is now worth $22 billion.

According to Bloomberg, he owns 54% of the exchange and his net worth is up by $7.7 billion from last week.

Follow Naija.FM on our social media handles Facebook, Instagram, and Twitter to keep up with trending news, breaking news, entertainment news, and hot gist.