FTX Plans to Raise Up to $1 Billion at $20 Billion Valuation
- The exchange is expected to announce the deal sometime next month.
FTX, one of the popular cryptocurrency exchanges, is in the process of raising anywhere between $400 million and $1 billion in a fresh funding round, according to a report by The Block.
Though the Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term did not confirm anything officially, the publication cited three anonymous sources, reporting that the crypto exchange is expecting a valuation of $20 billion. An earlier media report estimated FTX's current valuation to be $3.5 billion.
The sources of the publication revealed that the crypto exchange is expected to utilize the fresh funds to improve its relations with large financial services companies and expand its reach ‘beyond crypto-native market participants’.
If the exchange successfully snatches the capital infusion, it will become one of the top valued crypto companies.
A Highly Successful Crypto Exchange
FTX was launched in 2019 as a crypto derivatives exchange and soon gained popularity because of its unique product line. The exchange expanded its markets beyond crypto and launched services like fractional stock trading and a popular predictions market. Moreover, it offers spot crypto trading against multiple fiats.
Though spot trading on the exchange remains on the lower side because of the presence of other crypto giants, futures trading volume on FTX touched $100 billion last month.
The success of the exchange can be seen from its past financials as it generated $85 million in fee revenue in 2020. It is now expecting revenue of $400 million in 2021.
Furthermore, FTX is spending a ton on the Marketing Marketing Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t Read this Term of its platform. Most recently, it bought the naming rights of the Miami Heat's stadium for $135 million, which became the first deal of such kind for a crypto company.
FTX, one of the popular cryptocurrency exchanges, is in the process of raising anywhere between $400 million and $1 billion in a fresh funding round, according to a report by The Block.
Though the Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term did not confirm anything officially, the publication cited three anonymous sources, reporting that the crypto exchange is expecting a valuation of $20 billion. An earlier media report estimated FTX's current valuation to be $3.5 billion.
The sources of the publication revealed that the crypto exchange is expected to utilize the fresh funds to improve its relations with large financial services companies and expand its reach ‘beyond crypto-native market participants’.
If the exchange successfully snatches the capital infusion, it will become one of the top valued crypto companies.
A Highly Successful Crypto Exchange
FTX was launched in 2019 as a crypto derivatives exchange and soon gained popularity because of its unique product line. The exchange expanded its markets beyond crypto and launched services like fractional stock trading and a popular predictions market. Moreover, it offers spot crypto trading against multiple fiats.
Though spot trading on the exchange remains on the lower side because of the presence of other crypto giants, futures trading volume on FTX touched $100 billion last month.
The success of the exchange can be seen from its past financials as it generated $85 million in fee revenue in 2020. It is now expecting revenue of $400 million in 2021.
Furthermore, FTX is spending a ton on the Marketing Marketing Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t Read this Term of its platform. Most recently, it bought the naming rights of the Miami Heat's stadium for $135 million, which became the first deal of such kind for a crypto company.