FTX, the cryptocurrency derivatives exchange founded by Sam Bankman-Fried, has closed a $900 million funding round \u2013 highlighting once again that venture capitalists are shrugging off market turmoil in their quest to uncover quality blockchain plays.<\/p>\n
The Series B investment round had over 60 participants, including Softbank, Sequoia Capital, Coinbase Ventures, Multicoin, VanEck and the Paul Tudor Jones Family. <\/p>\n
With the raise, FTX\u2019s valuation has grown to $18 billion, making it one of the largest cryptocurrency companies in the world. Just one year ago, the derivatives exchange had a valuation of $1.2 billion. <\/p>\n
Related: <\/em><\/strong>FTX crypto exchange integrates institutional trading tool ClearLoop<\/em><\/strong><\/p>\n Founded in 2018, FTX operates one of the largest crypto derivatives businesses in the world, with average daily volumes exceeding $10 billion. With a head office in Hong Kong and a parent company in Antigua, the company has been highly active in acquisitions and branding, having bought out Blockfolio for $150 million in August 2020. In March of this year, the exchange secured the naming rights to the Miami Heat\u2019s stadium for the next 19 years.<\/p>\n Despite the recent market turmoil engulfing cryptocurrencies, venture firms continue to back crypto-focused startups with greater conviction. As Cointelegraph reported, Silicon Valley\u2019s Andreessen Horowitz launched a $2.2 billion crypto venture fund last month, the largest in history. <\/p>\n