Chicago-based cryptocurrency exchange FTX US has reached $8 billion in value after new funding.

US subsidiary FTX has completed a $400 million funding round led by SoftBank Group Corp., Temasek Holdings, Paradigm and Multicoin Capital, Reuters reported on Wednesday.

The president of FTX USA, Brett Harrison, said that this development makes their company one of the largest cryptocurrency exchanges in the United States and sends a message to the world that it is growing very quickly.

Harrison noted that the company will use the funds to promote its offerings and grow and expand its workforce.

Back in 2021, Oslo Stocks entered into a buy and sell agreement to purchase crypto derivatives platform LedgerX to expand its spot trading services by offering investors Bitcoin (BTC), Ether (ETH) options and futures contracts.

The global stock market FTX raised $420 million from 69 investors, increasing its value to $25 billion last year. At the same time, the stock market also stimulated marketing efforts by acquiring the naming rights at Cal Memorial Stadium and Miami NBA Stadium.

Related: Institutional Investing Will Bring Bitcoin to $75,000, SEBA Head Says

Meanwhile, funding for crypto projects continues to grow in other areas of the ecosystem. On January 19, Secret Network announced a $400 million bid to build developers within the network. The new $225 million Ecosystem Fund, along with a $175 million acceleration pool, aims to support privacy-focused and decentralized applications.

Venture capital firm Andreessen Horowitz has also announced plans to raise $4.5 billion to invest in cryptocurrency. The company will commit $3.5 billion to its investment fund and $1 billion to start investing in Web3. In addition, British payment platform recently raised $1 billion in investments to boost cryptocurrency processing, bringing the company’s value to $40 billion.

Source: CoinTelegraph