Crypto Exchange’s First Financing Round Values Company at $8 Billion
West Realm Shires Services Inc. (“FTX US” or “the Company”), announced the closing of a $400 Million Series A round valuing the Company at $8 Billion. This funding round is the first for FTX US and saw participation from Paradigm, Temasek, NEA, Multicoin Capital, Tribe Capital, Ontario Teachers’ Pension Plan Board, SoftBank Vision Fund 2, Greenoaks Capital, Steadview Capital, and Lightspeed Venture Partners, amongst others.
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The support FTX US has received from the participants in the Series A is demonstrative of its continued success since its inception in 2020. The round also cements the Company’s position as one of the highest-valued US-based exchanges. The funds will allow FTX US to continue accelerating its growth, expand its U.S. presence, and further establish itself as the largest crypto exchange in the U.S., all while maintaining strict compliance with existing regulations and supporting emerging regulations of crypto spot and derivatives markets.
Brett Harrison, President of FTX US, commented on the news, “FTX US scaled rapidly throughout the course of 2021, and our Series A valuation reflects both what we’ve concretely accomplished and what we’ve laid the groundwork for in 2022. We are thankful for all of our investors, many of whom have supported FTX from its founding, and look forward to working with them as we enter the next stage of our expansion.”
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The funds will allow the Company to further grow its user base, bolster its derivatives efforts, and launch new business lines. FTX US also plans to leverage the Series A round to make strategic investments and acquisitions in key verticals and expand its network of partnerships.
Mr. Harrison continued, “As lawmakers and regulators continue to develop a US regulatory framework for digital assets, we expect crypto to play a much larger role in the broader financial landscape in 2022 and beyond. We’re excited to continue working cooperatively with them, and feel confident that FTX US will emerge as the leading US-regulated crypto spot and derivatives exchange.”
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