FTX US raises $400 million in SoftBank and Temasek led first fundraise

FTX US has reached a valuation of $8 billion.

The Cryptocurrency exchange notched the valuation after raising $400 million in its first funding round.

The round had Japan’s SoftBank Group Corp and Singapore’s Temasek Holdings as investors.

The Series A funding also includes investments from crypto investment firm Paradigm and Multicoin Capital.

Chicago-based FTX US was launched in 2020 by former Wall Street high frequency trading executives.

In October, FTX US acquired LedgerX in a move to expand into crypto futures and options trading.

FTX US intends to use the funds to grow its user base, launch new business lines, and expand its staff.

FTX US had an average daily volume of about $360 million in the third quarter. Its users increased by 52% quarter over quarter.

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