FTX will use the Series B funding, in part, to explore M&A opportunities. Here are the top-line bullets you need to know.
FTX, a cryptocurrency exchange platform, has raised $420.7M in an extended Series B. The round drew participation from Sea Capital, Tiger Global Management, Sequoia Capital, Temasek, and BlackRock, among others.
How’s the company performing?
- Bahamian-based FTX offers tokenized stocks, leveraged tokens, prediction markets, derivatives, options and volatility products, and other related products.
- Its global market share currently sits at around 10%.
- The platform’s user base has grown 48% since its last funding round in July 2021.
- FTX’s average daily trade volume has increased by 75% over the past 3 months to reach $14B.
- The company operates in the Bahamas and the US.
Why does the market matter?
- The global cryptocurrency market is expected to grow at a CAGR of 12.8% and reach a value of $4.94B by 2030, according to Allied Market Research.
- The market’s growth is likely to be spurred by the rising focus on data privacy and increasing demand for payment transparency.
- The rising adoption of crypto assets is contributing to explosive DeFi growth. In fact, the DeFi market is projected to grow 10x to reach $800B by the end of next year, according to Vesper co-founder Matthew Roszak.