Technology

Cryptocurrency Firm FTX Trading’s Valuation Rises to $18 Billion


FTX Trading stated on Tuesday its valuation had risen to $18 billion (roughly Rs. 1,34,280 crores) after a $900-million (roughly Rs. 6,710 crores) funding spherical that included SoftBank Group and was one of many greatest fundraisers for a cryptocurrency firm.

The spherical noticed participation from greater than 60 traders, together with enterprise capital agency Sequoia Capital, non-public fairness big Thoma Bravo, Daniel Loeb’s Third Point, the Paul Tudor Jones household, and British hedge fund supervisor Alan Howard.

The newest funding comes as investor sentiment in direction of cryptocurrencies has considerably soured after an preliminary euphoria earlier this 12 months due to mounting regulatory issues globally.

Binance, one other main cryptocurrency change, has confronted scrutiny from regulators in Britain, Germany, Japan, and Hong Kong. The United States can be investigating the change, in accordance to a media report.

The tightening scrutiny has weighed on Bitcoin’s value, with the most well-liked cryptocurrency on Tuesday falling under $30,000 (roughly Rs. 22 lakhs) for the primary time in a month. Bitcoin price in India stood at Rs. 23 lakhs as of 1:30pm IST on July 21.

Founded and led by Sam Bankman-Fried, a 29-year-old crypto billionaire, FTX is the proprietor and operator of the FTX.COM cryptocurrency change.

The two-year-old firm stated it has greater than 1 million customers and averages about $10 billion (roughly Rs.74,570 crores) in buying and selling quantity per day, with income surging greater than tenfold this 12 months.

FTX, which additionally counts movie star couple Tom Brady and Gisele Bundchen amongst its backers, caters to all kinds of merchants, together with retail traders, household workplaces and institutional merchants.

It plans to use the contemporary infusion of funds to develop its product choices and for different investments.

Coinbase Ventures, the enterprise arm of lately listed cryptocurrency change Coinbase Global, additionally participated within the funding spherical.

© Thomson Reuters 2021


Interested in cryptocurrency? We talk about all issues crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is accessible on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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