Cryptocurrency exchange FTX US has posted an $8bn valuation following a further round of new funding.
The American arm of FTX closed a $400m funding round – which is the first for the exchange – with participation from prominent investment funds including Softbank, Paradigm, Temasek, Multicoin Capital, and Lightspeed Venture Partners.
FTX US will use the funds to expand its user base and presence within the US, improve upon its derivatives products and “establish itself as the largest crypto exchange in the US.”
The exchange also plans to ‘leverage’ the funding to make further strategic investments and acquisitions in ‘key verticals’ and expand its growing network of partnerships within the United States.
Additionally, FTX US will focus on maintaining strict compliance standards and bolster support for ’emerging regulations’ of crypto-based spot and derivatives markets.
Brett Harrison, President of FTX US, commented on the news, saying the Series A valuation “reflects both what we’ve concretely accomplished and what we’ve laid the groundwork for in 2022”.
Harrison also added that he felt confident “FTX US will emerge as the leading US-regulated crypto spot and derivatives exchange” following the exchanges contained work with regulators in developing a US regulatory framework for digital assets.
The exchange has made great strides in its ambitious goal to become the leading global crypto exchange, including the launch of a $2bn venture fund to invest in the world’s best crypto teams and an earlier $900m funding round in 2021.
FTX is also working on bringing new retail-orientated products to customers, including the FTX card, the launch of its own native NFT marketplace and a number of high-profile sponsorships with iconic American brands such as the NBA and MLB.