https://ift.tt/3nqdLtr US Valuation Taps $8 Billion After Raising $400 Million From SoftBank and Temasek

The US branch of the digital asset exchange raised $400 million in a funding round that saw participation from prominent names such as Japan’s SoftBank Group Corp and Singapore’s Temasek Holdings. Consequently, the company’s total valuation grew to $8 billion.

• Reuters’ report informed that aside from the aforementioned names, the cryptocurrency investment companies Paradigm and Multicoin Capital also took part in the funding round.
• FTX US plans to use the funds to grow its user base and launch new products. It also wants to make several strategic investments and acquisitions as well as expand its staff.

• “What this raise means to us is that we are officially establishing ourselves on the stage of the largest competitors of cryptocurrency exchanges in the US, and signaling to the world that we are going to continue to expand very rapidly.”- commented the company’s president Brett Harrison.

• Previously, FTX US acquired Ledger Holdings, the parent company of LedgerX, in an attempt to start offering derivatives for United States-based customers. Additionally, the firm wants to launch an NFT platform.
• FTX US and Bitstamp also aim to provide stock trading services to clients in America.
• Harrison also informed that the US branch “more than doubled” its user count in the last quarter of last year, nearing 1,200,000 users. This came shortly after the exchange reported a 500% volume increase in Q3.