SoftBank And Coinbase Joins FTX’s $900 Million Funding Round

Cryptocurrency exchange FTX has raised capital more than 900 million dollars after completing B fundraising on Wednesday. The deal values ​​the company at more than $18 billion.

The company said more 60 investors participated in the funding round. Participants include SoftBank Group, Coinbase Ventures and Sequoia Capital. FTX CEO Sam Bankman-Fried said the round was organized by the company, meaning there was no single primary investor.

“There are two main goals of a raise. One of them is to form more partnerships with people we’re really interested in and who we think can help grow our business.” and make more connections for us. And the second part is getting more capital for mergers and acquisitions,” said Bankman-Fried.

Bankman-Fried said the company plans to use the funds for private market transactions. Responding to rumors about the company going public, Bankman-Fried said FTX is in no hurry and it can still access sufficient capital through fundraising.

“We’re still trying to get ourselves into a position where we can go public relatively quickly if we want to. But that doesn’t mean we think now is the time to do it. Well, we basically want that option if it sounds right, without any immediate plans to really take advantage of that,” said Bankman-Fried.

Bankman-Fried said the company has been approached by sponsors of special purpose action companies or SPACs. He said the company is profitable and there is no urgency to jump into any deals right now.

In April, cryptocurrency exchange Coinbase launched a direct listing. The deal coincides with Bitcoin’s peak of nearly $65,000 per coin. Bullish — a company that plans to launch its own cryptocurrency exchange — said it plans to merge with a SPAC to go public. Stablecoin issuer AND Circle also announced plans to go public through a $4.5 billion SPAC deal.

Key crypto players are trading below their mid-April highs. Bitcoin is currently trading at less than half of its record price. As of Wednesday, Bitcoin is trading at around $31,588.36 per coin, down 1.91% from the previous day. Ethereum is currently trading at around $1,880.55 per coin, down 4.98% from Tuesday.

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