Salem Radio Network News Tuesday, August 3, 2021

Science

Crypto firm FTX Trading raises $900 million at $18 billion valuation

(Reuters) -FTX Trading Ltd said on Tuesday it had raised $900 million from investors including SoftBank Group Corp and Sequoia in a funding round that valued the owner of the FTX.COM cryptocurrency exchange at $18 billion.

The round saw participation from more than 60 investors, such as private equity giant Thoma Bravo, venture capital firm Ribbit Capital, Daniel Loeb’s Third Point and the Paul Tudor Jones family.

The latest funding round comes as investor sentiment towards cryptocurrencies has somewhat soured after an initial euphoria earlier this year, partly due to increasing regulatory scrutiny globally.

Last week, major crypto exchange Binance said it would stop selling stock tokens after regulators widened a crackdown on the company.

With more than 1 million users, FTX says its revenue has increased more than tenfold this year. On average, the company records about $10 billion in trading volume per day.

The fresh infusion of funds will be used to expand the company’s product offerings and for other investments, FTX said.

(Reporting by Niket Nishant in Bengaluru; Editing by Aditya Soni)

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