FTX.US completes its first round of financing at a valuation of $8 billion FTX's new round of financing is in progress

FTX.US, the U.S. subsidiary of FTX, announced that it has completed a $400 million Series A financing at a valuation of $8 billion.

Investors in the first round of financing include Japan’s SoftBank Vision Fund 2, Singapore’s Temasek Holdings, Paradigm, Multicoin Capital, Lightspeed Venture Partners, Tribe Capital, NEA, Steadview Capital, etc. It is reported that the financing funds are planned to be used to expand its user base, launch new business lines, and will consider strategic investments and acquisitions.

Under the leadership of former Citadel Securities executive and current FTX.US president Brett Harrison, FTX is one of several companies capitalizing on the wave of retail trading to make its way to crypto fortunes. Since its inception, the exchange’s user base has grown to more than 1 million, with a user base growth of more than 12,100% in 2021, with a trading volume of $67 billion in 2021.

The president of FTX.US is looking to eat into the market share of rivals like Coinbase and increase FTX.US’s market share to double digits by the end of 2022. He said that the increase in stocks and cryptocurrency derivatives will effectively promote the rapid expansion of the FTX.US market. It is reported that in October last year, FTX.US completed the acquisition of LedgerX, and LedgerX has been renamed FTX US Derivatives. The acquisition provides FTX.US with a series of licenses granted by the US Commodity Futures Trading Commission (CFTC) to LedgerX, and FTX.US can provide cryptocurrency futures, options and other transactions to US retail traders in the future.

It is also worth noting that, as the fastest growing cryptocurrency trading platform in 2021, FTX is becoming one of the giants in the crypto industry that cannot be ignored. After raising a total of $1.4 billion in 2021, FTX agreed to raise an additional $800 million at the beginning of this year, of which FTX.com was valued at $32 billion and FTX.US was valued at $8 billion as mentioned earlier.

In terms of users, FTX currently has more than 5 million registered users, an increase of 1,500% compared with 2020, and the number of daily active users has almost reached the number of registered users in 2020.