Bankman-Fried‘s FTX seeks $1 billion in new fundraising: report
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FTX, one of the leading cryptocurrency exchanges in the crypto industry right now, is looking to flex its muscles even further by planning new acquisitions.
But first, the Sam Bankman-Fried-led crypto company needs to bring in new funding — which according to the latest news reports is a new billion-dollar round from big money investors.
A CNBC Thursday’s initial report cites sources as saying that FTX is discussing a potential investment with key investors and is looking for a fundraising round that puts the stock’s value on par with its previous funding.
In January of this year Instead highlighted FTX’s $400 million Series C funding round, raising its valuation from $25 billion to $32 billion. Investors in the round, which also backed FTX’s US-regulated subsidiary FTX US in a similar $400 million round at a $8 billion valuation, included Singapore’s Temasek, Tiger Global and SoftBank’s Vision Fund 2.
FTX eyes fresh growth
After splashing cash, despite the crypto winter of 2022, in which FTX went on a buying spree as rivals slumped, Bankman-Fried’s company is looking to expand even further.
As has been stated CNBC according to the report, the exchange is waiting for a fresh capital increase to ink other deals in the cryptocurrency and blockchain world.
This year, the company has completed the Bitvo, Embed and Liquid deals, and has an agreement to buy crypto lender BlockFi, for which it extended a line of credit to crypto winterbit. The company is also one of those looking to acquire the assets of the bankrupt crypto lender Voyager.
FTX’s revenue exploded in 2021 as the crypto bull market helped the exchange’s net income grow from $17 million in 2020 to over $388 million last year.
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