FTX and FTX.US Looking to Raise New Funds after Acquisition Campaign
Godfrey Benjamin Jul 21, 2022 02:30
FTX Derivatives Exchange and its American subsidiary FTX.US are exploring options to raise new sets of funds after the duo injected the bulk of the funds in supporting distressed crypto companies.
FTX Derivatives Exchange and its American subsidiary FTX.US are exploring the options to raise new sets of funds after the duo injected the bulk of the funds they raised earlier in the year into supporting distressed crypto companies.
As reported by Bloomberg, citing anonymous sources, the global FTX trading platform is looking to raise an almost equivalent amount it pulled earlier this year. As reported earlier by Blockchain.News, FTX concluded its Series C funding round in January, where it raised the sum of $400 million to increase its valuation to $32 billion.
FTX.US has also been active in the equity round scene, receiving $400 million in funding to top $8 billion in valuation. Riding on the back of this capital injection, FTX.US has notably acquired Embed Financial Technologies Inc., including its wholly-owned subsidiary Embed Clearing LLC for an undisclosed sum back in June, a move that aligned with its corporate strategy at the time.
By acting as a lender of last resort, FTX Global has positioned itself as a firm where distressed companies in the digital currency ecosystem run to.
Since the menacing turmoil that has caused several crypto lending platforms to halt transactions on their platform atop a deep-cut liquidity crisis, FTX Global has come to the aid of BlockFi and Voyager Digital, which are very large sums of money, including the $250 million credit facility extended to the former.
While Sam Bankman-Fried, FTX co-founder and CEO, acknowledged that the firm also has many more crypto firms it has helped without disclosing yet, it appears the two FTX arms will be better off with the proposed fundraising.
Known as one of the most liquid and profitable companies in the Web3.0 ecosystem nowadays, the attractiveness of the two FTX offshoots is still very much known to investors who may also bet on the future of the exchange yet again.
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