FTX exchange (Bahamian-based cryptocurrency exchange) breaks the $32 billion value after the U.S.-based firm raised the same amount last week, even though everyone is fearing crypto winter.
Crypto winter is a period when the prices drop without recovery for one year.
On Monday, the owner and operator of Sam Bankman-Fried’s crypto exchange FTX revealed that it secured a $400 million Series C funding round. Now, the firm's valuation is approximately at $32 billion.
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On January 26th the U.S.-based FTX firm raised $400 million as well, in a Series A round. The company reached a value of $8 billion.
The announcement pointed out that Singaporean state investor Temasek, Canada’s Ontario Teachers’ Pension Plan Board, SoftBank Vision Fund 2, Tiger Global, digital asset investment firm Paradigm, and others did participate in the fundraiser. The firms also participated in the FTX US funding round that was previously held.
At the time there was a significant collapse in cryptocurrency markets - Bitcoin dropping to $33,000 on January 25th, from when it was $50,000 in December - the new FTX’s fundings came around.
Several individuals like Jesse Powell, the CEO of Kraken, believe that there might be yet another crypto winter, Bankam-Fried disagrees. Stating that it will come to an end soon enough:
I think we’re not entering a long-term crypto winter. There have been changes in expectations of interest rates, and that’s been moving crypto markets. But it’s been moving markets more generally as well.
The company got $1.8 billion in the span of six months. The CEO Sam Bankman-Fried said that the recent funding is a great achievement for FTX. He also pointed out that a new round will be helpful for the company to expand its global presence with additional approvals and licenses.
Besides that, Backman-Fried also mentioned that FTX isn’t planning anything significant for the initial public offering. But still noted that in case they change their mind, FTX “will try and be prepared”, by preparing the including audited accounts and reviewing listing options. Nonetheless, at the moment, they “don’t feel like they have any particular need to do it”.
