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FTX CEO Sam Bankman-Fried to Broaden Operations in US after Fresh Funding Round

UTC by Juhi Mirza · 2 min read
FTX CEO Sam Bankman-Fried to Broaden Operations in US after Fresh Funding Round
Photo: Shutterstock

FTX now intends to become popular in the US by serving the masses in terms of expanded crypto transactions and revenue.

FTX has recently acquired a fresh fund worth $900M in a Series B financing round. The company’s CEO Sam Bankman-Fried has announced in an interview that the FTX exchange is now planning to establish itself in the US. 

FTX was operating on a limited scale in the US market till now with a separate work domain registered as FTX US. The company now intends to scale its operations and is working towards expanding its exchange activities to a promising new level to attract the masses and form a credible user base.

FTX to Expand Their Business Operations in the US Market

FTX is a firm headquartered in Hong Kong primarily dealing as a derivative exchange to facilitate crypto transactions. The company now intends to become popular in the US by serving the masses in terms of expanded crypto transactions and revenue.

In an interview with CoinDesk, Sam Bankman-Fried has stated that “there is a huge potential in the US market when it comes to cryptocurrency trade.” He further proclaimed that the business in the US has been going through upheavals primarily due to the economic slump but there is certainly an evident chance for the company to scale operations and work in synchronization with the US economic demands and standards.

FTX recently had won a series B round financing where the firm had acquired substantial funding of $900M. The company had later expressed that they will be amplifying their work and will offer full-scale crypto trading in the US markets which was previously conducted on a limited scale. After the successful funding round, the company’s valuation has increased to a significant $18 billion.

Bankman-Fried on the expansion of FTX has commented that they will be strategically employing the sum procured through the funding to widen their business foundations by conducting frequent acquisitions of companies and firms.

FTX is in the process of becoming a leading name in the US market, the company had recently roped in Gisele Bundchen and Tom Brady as long-term partners for their firms. FTX had also partnered with major baseball leagues to endorse itself as the first cryptocurrency exchange to ever have ventured into the sports avenue.

The series B round funding had major participants and sponsors such as Softbank, Sequoia Capital, and Paul Tudor Jones. The company had recently acquired BlockFolio and had also won the naming rights of the Miami Heat play arena.

Business News, Cryptocurrency news, News
Juhi Mirza
Author Juhi Mirza

Juhi Mirza is an archaeology major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.

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