FTX Seeks to Raise More Funds, Targets Flat Valuation From January (Report)

The leading cryptocurrency exchange – FTX – and its American affiliate – FTX US – are reportedly looking to secure additional funding. T

• At the beginning of the year, the trading venue, spearheaded by Sam Bankman-Fried, closed a $400 million fundraiser, which boosted its valuation to a whopping $32 billion. The financing was led by prominent investors like SoftBank Group and Temasek Holdings.
• Reportedly, the exchange and its US subsidiary intend to raise funds at the same valuation in January
• FTX is among the companies in the digital asset universe that keeps expanding its operations despite the recent downturn in the market.
• In June, it launched a trading venue in Japan and started providing local investors with crypto services. Users are able to make deposits and withdrawals in their domestic currency – the Japanese Yen.
• Shortly after, FTX acquired the Canadian digital platform Bitvo. Watchdogs will thoroughly inspect the agreement, and if approved, the exchange will strengthen its presence in the region.
• FTX was also rumored to purchase Robinhood – speculations that SBF later declined.