FTX sets a new record for crypto fundraising with a $900 million raise to build a decacorn exchange.

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The value of the crypto derivatives exchange has risen dramatically in the last year, reflecting the tremendous expansion of digital assets during that time.

FTX, a cryptocurrency derivatives exchange founded by Sam Bankman-Fried, has raised $900 million in funding, demonstrating that venture capitalists are ignoring market volatility in their search for excellent blockchain investments.

Softbank, Sequoia Capital, Coinbase Ventures, Multicoin, VanEck, and the Paul Tudor Jones family were among the 60 investors in the Series B round.

With the raise, FTX’s valuation has grown to $18 billion, making it one of the largest cryptocurrency companies in the world. Just one year ago, the derivatives exchange had a valuation of $1.2 billion.

FTX, which was founded in 2018, is one of the world’s largest crypto derivatives businesses, with average daily transactions reaching $10 billion. The corporation, which has its headquarters in Hong Kong and its parent company in Antigua, has been active in acquisitions and branding, having purchased Blockfolio for $150 million in August 2020. The deal earned the naming rights to the Miami Heat’s arena for the next 19 years in March.

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Despite the recent market upheaval surrounding cryptocurrency, venture capital firms continue to be more confident in backing crypto-focused startups. Andreessen Horowitz, the largest crypto venture fund in history, announced a $2.2 billion crypto venture fund last month, according to Cointelegraph.

Several crypto exchanges have become “unicorns” in the last year, a phrase used by venture investors to identify firms valued at $1 billion or more. Latin America, for example, currently has two trading platforms with a combined value of over $2 billion. A “decacorn” is a corporation with a market capitalisation of more than $10 billion.


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