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Saturday, July 2, 2022

Cryptocurrency Exchange FTX is Reportedly Preparing for a Big Capital Raise

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Cryptocurrency Exchange FTX is preparing to increase the capital at a valuation of $20 billion. The report disclosed that FTX is gearing up to raise between $400 million and $1 billion. The report hasn’t reported the information of the investors who will take part in the round. It’s been two years since FTX has started its operation. The cryptocurrency exchange has started operations in May of 2019.

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In the short period since its launch, the firm remained successful in attracting clients and gaining a reputation because of its ability to launch innovative trading products. Additionally, the exchange also includes products like prediction markets and even futures for non-crypto commodities like lumber.

Moreover, FTX is preparing to utilize the capital to grow its relationships with financial services firms and companies that are not innate to the cryptocurrency sector. The cryptocurrency exchange also made some attractive moves. Its new moves include the acquisition of cryptocurrency tracking app Blockfolio last year in a $150 million deal and supporting the Miami Heat’s home arena this year in a 19-year deal worth $135 million.

FTX also owned an exchange token called FTT. The token is currently the 3rd largest exchange token on the market behind Binance’s BNB, OKEx’s OKB, and Huobi’s HT. Presently, FTT market capitalization remained high, hitting $3.6 billion at the time of writing. In the last 24 hours, FTX managed $2.56 billion worth of trading volume. On May 19, when the cryptocurrency market experienced a huge price crash, the exchange touched its 24-hour volume record at over $51 billion.

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