FTX US Raises $400 Million in Funding, Tops $8 Billion Valuation

FTX US became the latest crypto firm to hit a valuation of $8 billion after the company secured $400 million in its Series A funding round. Brett Harrison, the President of the US division of the digital exchange FTX, highlighted the growing popularity of crypto trading products among US residents.

The funding round saw participation from some of the world’s leading venture capital firms such as SoftBank Vision Fund 2, Temasek, Lightspeed Venture Partners and Paradigm. With the recent investment, FTX US aims to accelerate its expansion activities in the region.

“What this raise means to us is that we are officially establishing ourselves on the stage of the largest competitors of cryptocurrency exchanges in the U.S. and signaling to the world that we are going to continue to expand very rapidly,” the President of FTX US, Brett Harrison said.

According to research conducted by PitchBook, venture capital firms around the world invested more than $30 billion in crypto firms during 2021, which is the highest level on record. In December 2021, the crypto firm, NYDIG raised $1 billion in funding and topped the valuation of $7 billion. In the first quarter of 2021, the cryptocurrency services provider, Blockchain.com secured $300 million in its Series C investment round.

FTX US

Yesterday, in a series of Tweets, Harrison highlighted prominent features of FTX US and mentioned that the exchange is facilitating clients through a broad range of transfer options. “FTX US has a significant feature that separates it from other US exchanges: fiat USD and USD stable coins are treated as fully interchangeable. This makes it easy to convert between USD and USD stable coins and helps consolidate order book liquidity,” he said.

“FTX US allows users to transfer fiat USD to the exchange using wire transfers, ACH and credit cards. Any deposit using these methods will result in a balance increase in the USD wallet,” Harrison added.