FTX US Valued at $8 Billion With Backing From SoftBank, Paradigm
- $400 million investment will be spent on ads, market expansion
- FTX US saw enormous growth in 2021, as volume spiked 600%
The FTX US website.
Source: FTX US
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FTX US raised money from outside investors for the first time, collecting $400 million from SoftBank, Paradigm and others in a deal valuing the cryptocurrency exchange at $8 billion.
The Series A round also included Temasek, the Ontario Teachers’ Pension Plan Board and more, according to a statement. The company is the U.S. crypto trading arm of billionaire Sam Bankman-Fried’s exchange giant FTX, which was itself valued at $25 billion in October.