Despite Bitcoin Halving... US FTX Raises 1 Trillion Won in Funding

FTX founder Sam Bankman-Fried (Photo by WSJ)

[Asia Economy Reporter Yujin Cho] While the price of Bitcoin has halved in just over three months, the U.S. cryptocurrency derivatives exchange FTX has succeeded in raising a large-scale investment, being valued at $18 billion (approximately 20.7144 trillion KRW).

According to the Wall Street Journal (WSJ) on the 20th (local time), FTX announced that it successfully raised a total of $900 million (approximately 1.0358 trillion KRW) in a new funding round that closed that day.

The list of major investors includes Japan's SoftBank, Silicon Valley venture capital firm Sequoia Capital, and Third Point, an activist hedge fund led by billionaire Daniel Loeb.

During this investment process, FTX's corporate valuation was estimated at about $18 billion. WSJ reported that the $18 billion valuation is considered to make it the most valuable cryptocurrency company in the world.

The funds raised through this investment will be used for expanding into new markets and building payment services launched in May. FTX founder Sam Bankman-Fried also explained that the company is considering acquiring firms with financial service licenses in several countries.

Bankman-Fried, born in California, left the quantitative investment firm Jane Street Capital and founded FTX in 2019.

Its main business is operating a cryptocurrency derivatives market that allows leveraged cryptocurrency investments, with a daily trading volume of about $10 billion on average.

As a startup headquartered in Hong Kong, FTX is increasing its recognition through sports sponsorships, such as purchasing the 19-year naming rights for the home arena of the NBA's Miami Heat for $135 million.

Last month, it also appointed Tom Brady, the famous NFL quarterback for the Tampa Bay Buccaneers, as a brand ambassador.

This content was produced with the assistance of AI translation services.