FTX cryptocurrency exchange, valued at $ 20 billion
|Slavomír Kaňuk|source|418x
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FTX cryptocurrency exchange, valued at $ 20 billion

In the recent period, there is no shortage of relatively large rounds of fundraising in the crypto sector. One of the largest was, for example, Paxos, which gained $ 300 million in its "Series D" in April. BlockFi with a $ 350 million round can certainly boast, and both companies have been valued at about $ 1 billion. Not to forget Coinbase, which was listed on the Nasdaq and valued at $ 80 billion.


According to the latest information, the well-known FTX exchange is planning a similar step, and its value is currently estimated at up to $ 20 billion. The report came from the source who also says the company would like to raise $ 400 million to $ 1 billion. The capital injection should be used for improving relations with large financial services companies. This step would thus contribute to expanding the reach beyond crypto companies.

 

FTX, like other crypto companies, cannot complain about 2021. Last year, its fee income reached more than $ 85 million, and CEO Sam Bankman-Fried said that they expect profits to increase to 400 million this year. According to the source, the exchange can reportedly make a profit of up to $ 800 million.


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FTX was founded in 2019 only and has since established itself as one of the most popular Bitcoin futures platforms. Last month, futures trading reached $ 100 billion. Compared to the competition, they are able to launch new products faster and have launched a wide range of cryptocurrency derivative contracts, publicly traded companies, and even commodities.


Read also: CRYPTOCURRENCIES AND THEIR IMPACT ON THE ENVIRONMENT

 

According to the daily volume of transactions, FTX currently ranks 5th at CoinMarketCap. However, due to the recent sharp drop in cryptocurrency prices, it is uncertain whether they will enjoy similar figures for the rest of this year. Derivatives-based exchanges took it the most, and more than $ 8 billion was liquidated during last week's price flash crash, according to ByBt. If the cryptocurrencies fail to consolidate and regain losses, FTX will likely have to settle for a lower evaluation than expected.

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