FTX and FTX.US seek to raise new funds after acquisition campaign
FTX Derivatives Exchange and its US subsidiary FTX.US are exploring options to raise new sets of funds after the duo injected the bulk of the funds they raised earlier in the year to support struggling crypto companies .
As Bloomberg reported, citing unnamed sources, global trading platform FTX is looking to raise nearly the same amount it raised earlier this year. As previously reported by Blockchain.News, FTX concluded its Series C funding round in January, where it raised $400 million to increase its valuation to $32 billion.
FTX.US has also been active in the seed round scene, receiving $400 million in funding to reach an $8 billion valuation. Building on this capital injection, FTX.US notably acquired Embed Financial Technologies Inc., including its wholly owned subsidiary Embed Clearing LLC for an undisclosed amount in June, a move that aligned with its corporate strategy to the time.
By acting as a lender of last resort, FTX Global has positioned itself as a company that struggling businesses in the digital currency ecosystem are flocking to.
Since the looming turmoil that caused several crypto lending platforms to halt trading on their platform amid a deep liquidity crunch, FTX Global has come to the aid of BlockFi and Voyager Digital, which represent very large sums of money, including the $250 million credit facility granted to the first.
While Sam Bankman-Fried, co-founder and CEO of FTX, acknowledged that the company also has many other crypto companies it has helped without disclosing them at this time, it seems that the two FTX arms will be better off. with the proposed fundraiser.
Recognized as one of the most liquid and profitable companies in the Web3.0 ecosystem today, the attractiveness of the two FTX offshoots is still very well known to investors who can also bet again on the future. of the exchange.
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