FTX completed Another Funding round at $32 billion

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FTX completed Another Funding round at $32 billion
01 Feb 2022
6 min read

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News Synopsis

Cryptocurrency exchange FTX has completed a new funding round at $32 billion. The founder and CEO of FTX, Sam Bankman Fried has said that he was not worried about the prospect of a protracted crypto bear market. The company has raised $400 million in a Series C financing round. The business has reached a $32 billion valuation.

The crypto market has lost $500 billion in value since the start of the year. Bitcoin went down almost 50% from its all-time high in November, and 18.35% year to date. Ether went down 28.99% in January. It has accused the fear of a more serious and prolonged crash that many terms as “crypto winter”, that can result in low prices and low volatility that persisted in 2018 and 2019.

FTX has raised $1,8 billion in venture funding to date, including raised funds of more than $420 million in October 2021 and $1 billion in June. The CEO has also said that the company is also planning an IPO in the near future. FTX was founded three years ago and is the largest crypto exchange in the world at present.

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