Despite growing concerns about a possible downturn in the cryptocurrency market, large industrial companies like FTX continue to gain momentum, attracting hundreds of millions of new investments.
FTX Trading, the owner and operator of the Sam Bankman-Peace FTX cryptocurrency exchange, officially announced on Monday that it had completed a $400 million Series C funding round, bringing the company’s value to $32 billion.
The new fundraiser comes days after US subsidiary FTX raised $400 million in a Series 1 round on Wednesday, hitting a $8 billion valuation.
According to the announcement, he was involved in the latest fundraising campaign from Singaporean public investor Temasek, investment firm Paradigm, Ontario Teachers’ Retirement Board of Canada, Tiger Global, SoftBank Vision Fund 2 and others. All companies simultaneously participated in the aforementioned US FTX funding round.
CEO Sam Bankman-Fred said the new funding marks a major milestone for FTX, as the company has raised $1.8 billion in the past six months. He noted that the new round will help the company continue launching more products, as well as expand its global footprint through additional regulatory approvals and licenses.
The new FTX funding rounds come at a time of significant downturn in the cryptocurrency markets, with Bitcoin falling from over $50,000 at the end of December to $33,000 on Tuesday. While some crypto leaders like Kraken CEO Jesse Powell say the world could see another crypto winter, Bankman-Fried doesn’t think it will last long:
“I don’t think we are entering a long-term crypto winter. There have been changes in interest rate expectations and this has affected the cryptocurrency markets. But it also affected markets in general.”
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Bankman-Fried also said that FTX does not have simple listing plans. “I’m not sure if we want that,” he said. “I see it happening and I see it didn’t happen. We don’t feel like we have a special need for it.” Be prepared” in case they end up wanting to do so, with preparations including audited accounts and a review of possible listing options.