The FTX cryptocurrency exchange became the largest cryptocurrency financial institution in history with $ 900 million with investments from SoftBank and Sequoia.

The FTX cryptocurrency exchange closed its Series B financial round, raising $ 900 million from multiple investors, making it the largest currency in crypto history.

SBF

Announced in 2019, FTX has grown into one of the most important places of business, and sponsorship deals such as the major league baseball team and the TSM esports team have already been announced.

The financial environment has brought many investors from cryptocurrency investment sites to names. Participants include SoftBank, Sequoia Capital, Paradigm, Lightspeed, Third Point, Alan Howard, Izzy Englander and the Paul Tudor Jones family. A total of 60 investors participated in the FTX fundraiser.

According to the company, $ 900 million in financing raised FTX's value after the transaction to $ 18 billion. This represents the largest cryptocurrency investment round to date, breaking through the $ 440 million market cycle earlier this year, the largest cryptocurrency VC exchange to date.

Block first announced in May that FTX would close its $ 1 billion investment.

FTX CEO Sam Bankman-Fried (SBF) said in an interview with Block:

"Finally, I'm very happy with it and take the time to explain the company's vision to some non-crypto investors. But our business model is very simple."

FTX generates foreign exchange income for the cryptocurrency market. We have also expanded to other areas such as commodities and commodities through derivative contracts. According to the Block Data Dashboard, the company's market volume this month reached $ 19.3 billion.

With the new funding, FTX is trying to break into Wall Street's traditional line of free, software-less labels.

Former Jane Street trader Bankman-Fried said the company had notified potential customers. “Whether it's a new bank or a payment site that wants to offer cryptocurrency exchanges, everything we have is available in our API.”

The new funding will allow FTX to strengthen its current accountability responsibilities. The magnitude of this impact is unclear, Bankman-Fried said, but clarified that "50% of people know about FTX" thanks to these deals.

No, FTX will not buy Goldman Sachs

In a recent interview with the Financial Times, the 29-year-old billionaire said he would decide to seek out a financial services company, such as US bank Goldman Sachs, once FTX gets the money.

However, SBF said that while FTX can now overtake many traditional financial firms, “I don't think Goldman Sachs will be one of them. I think that's a big goal. magnificent.

He said FT's choice was final. “When you see some of the businesses we want, we think it's helped them grow. Our products, our customers, are the biggest targets. So I think it's true.

Regulation and licensing would be another potential vehicle purchase, the SBF said, according to the recent Hong Kong-based swap deal over U.S. expansion plans. And with the arrival of new money and the rapidly changing culture supported by FTX, it took a year to complete the process.