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Crypto Exchange FTX Raises $900 Million, Valued at $18 Billion

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FTX, the cryptocurrency exchange founded by Sam Bankman-Fried has raised $900 million in a funding round, with investors including Sequoia Capital, Paradigm and Coinbase Ventures.

The company, which launched in 2019, has been valued at $18 billion. More than 60 investors participated in its Series B fundraise—the largest ever for a crypto exchange.

“[It] was a lot of work. But it looks like it’s really going to pay off in terms of building a lot of relationships, especially outside of the ecosystem, that we didn’t have before,” Bankman-Fried told Decrypt.

FTX has gone from strength to strength in recent months, he said. Revenues have increased over tenfold in 2021, and over a million users now use the platform, which averages over $10B of daily trading volume.

The company plans to use the bulk of the funds for mergers and acquisitions, said Bankman-Fried, placing it in a prime position to grow into one of the world’s leading crypto exchanges.

This is a developing story. Check back for updates.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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