Crypto Exchange FTX & its US Affiliate Seek Fresh Fundings

FTX and FTX.US CEXs seek fresh funds after separate $400 million January funding.
Crypto Exchange FTX & its US affiliate seek Fresh Fundings

The crypto exchange FTX and FTX.US are both seeking separate fundings after acquisitions during the crypto market crash. Reports suggest FTX co-founder, Sam Bankman-Fried, is currently holding discussions for fundraising.

After securing a $400 million funding each in January, the valuation of FTX soared to $32 billion, whereas that of FTX.US to $8 billion. Both crypto exchanges went on an acquisition spree lately.

FTX.US expressed due interest in Embed Financial Technologies, to enrich its stock offering. But it then went on to enter into a $400 million revolving credit facility agreement with BlockFi. Bankman-Fried is also reported to have offered credit lines to the tune of $750 million to two firms in July.

The FTX exchange struck an agreement for a potential acquisition deal in June with the Canada-based cryptocurrency platform Bitvo. The CEX then also reportedly considered acquiring Robinhood.

Earlier we reported Sam Bankman-Fried has a few dollars to support the crypto industry. The FTX co-founder said in an NPR interview it is the responsibility of his firms to “stem contagion” in a crypto crash market.

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