FTX Seeks $1.5B In Funding Round That Will Value The Company At $32B

FTX seeks $1.5 billion in a new funding round that will put the value of the company at $32 billion as the CEO Sam Bankman Fried will ask for investors to purchase shares in the US affiliate at an $8 billion valuation so let’s read more in today’s latest cryptocurrency news.

Sam Bankman-Fried of FTX seeks $1.5 billion in new funding round for the global crypto derivatives exchange and US affiliate according to reports from two unnamed sources with “knowledge of the matter.” The funding round will value FTX at $32 billion and FTX.US at $8 billion but FTX didn’t comment on the news immediately.

The latest discussion follows less than six weeks after FTX closed a Series B-1 Funding round where 69 investors including Tiger Global and BlackRock participated in the round. Investors valued the exchange at $25 billion according to FTX which marks a 39% jump over the Series B sticker price from July when it raised $900 million in crypto’s biggest venture capital funding. Bankman-Fried said at the time of writing that he is planning a series of acquisitions and more partnerships to bring FTX into more countries and gain more users.

Sam Bankman-Fried, the FTX CEO Will testify before the House financial services committee on December 8 and he will do so alongside representatives from Circle, Coinbase, and other crypto companies.  FTX prepared well for the hearing since the CEO created regulatory proposals for the entire crypto industry. FTX is one of the top cryptocurrency exchanges for derivatives and spot trading as it released a wishlist of what it is hoping to see in terms of regulations in the United States. The Key Principles for Market Regulation of crypto-trading platforms allow regulatory recommendations by competitors Binance and Coinbase as Sam Bankman-Fried prepared to testify before Congress in a few days. The policy document noted 10 principles that can lead to superior outcomes for investors and the public.
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The FTX CEO will testify before Congress and will share his ideas on regulation but at the same time, we can see Binance that took a different approach and released a “bill of rights” for the crypto users. While not as comprehensive as the FTX documents, it admitted that the platforms have an obligation to protect users from bad actors.