• CEO Sam Bankman-Fried said the exchange will seek to offer more products, gain additional licenses
  • The same investors that put money toward the exchange’s US affiliate’s Series A round last week took part in FTX’s latest fundraise

FTX can’t stop raising money.

The crypto derivative exchanges has raised a fresh $400 million, with the Series C round raising the company’s valuation to $32 billion — and marking FTX’s third raise in the last six months. 

The crypto derivatives exchange had raised $900 million in July, and investors put about $420 million more into the company in October. While the July funding round valued FTX at $18 billion, the raise closed in October put the company’s valuation at $25 billion.

FTX’s user base has grown 60% since the October raise, according to the company, and its average daily trading volume increased by 40%, reaching roughly $14 billion in daily volume. 

The latest $400 million funding round will go toward adding products and expanding the exchange’s global footprint with additional licenses, FTX CEO Sam Bankman-Fried said in a statement.

Acquisitions are expected to be the largest use of the funds, a spokesperson told Blockworks, and potential product plans include building on its consumer financial app. The FTX representative declined to comment about specific licenses and regions under consideration.

Bankman-Fried added that FTX remains focused on working with regulators to offer access to digital assets in a compliant manner.  

FTX’s US affiliate, FTX.US, closed  a $400 million raise last week, which valued the company at $8 billion. FTX.US President Brett Harrison told Blockworks at the time that the business’s priorities include building its derivatives business and evaluating acquisition opportunities.

Some of the investors that participated in the FTX.US round also took part in its parent company’s fundraise, including Temasek, Paradigm, Ontario Teachers’ Pension Plan Board, NEA, IVP, SoftBank Vision Fund 2, Lightspeed Venture Partners, Steadview Capital, Tiger Global and Insight Partners.

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  • Ben Strack is a Denver-based reporter covering macro and crypto-native funds, financial advisors, structured products, and the integration of digital assets and decentralized finance (DeFi) into traditional finance. Prior to joining Blockworks, he covered the asset management industry for Fund Intelligence and was a reporter and editor for various local newspapers on Long Island. He graduated from the University of Maryland with a degree in journalism. Contact Ben via email at be[email protected]