Bahamas-based Crypto Exchange, FTX Hits N13.2 Trillion Valuation

Bahamas-based Crypto Exchange, FTX Hits N13.2 Trillion Valuation

  • Cryptocurrency platform based in the Bahamas has raised a whopping 13 trillion in funding as the company said on Monday, January 31, 2022
  • FTX said it had earlier gotten N166 billion in a Series C funding making its third fundraising in the last nine months
  • The CEO of FTX, Sam Bankman-Fried said the company is thinking of going public but not in the immediate future

A crypto exchange trading platform FTX saw its value balloon to N13.2 trillion in a funding round which was announced on Monday, January 31, 2022.

An insatiable appetite for crypto

This shows that there is a huge appetite for the crypto market despite the downturn being experienced in the sector following investors cold as prices continue to tumble.

FTX CEO, Sam Bankman-Fried
FTX CEO, Sam Bankman-Fried Credit: Lam Yik
Source: Getty Images

FTX said that it raised N166 billion in a Series C financing round making its third fundraising in the last nine months.

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FTX is one of the world’s largest digital currency exchanges and also offers derivatives products such as spot trading.

The once hidden exchange has become a major player in the new market, taking on the likes of Coinbase and market leader, Binance.

FTX has raised N830 billion in venture funding to date and has amassed a massive fund at a time when digital currency prices have gone down a lot.

A downturn in winter

Bitcoin is down by 46 per cent from almost N29 million in November, and other cryptos have also slumped.

This has worsened the fears that the marker may be on the verge of a more severe ‘crypto winter’. This happened last in late 2017 and early 2018 when bitcoin shrank as much as 80 per cent from then a record high.

Sam Bankman-Fried FTX’s CEO and co-founder said that the market may be entering into a long winter, according to a CNBC report.

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He said changes have happened in expectations of interest rates, and that the crypto markets have been moving.

He said his company has been thinking of an initial public offering but has no immediate plans of doing so.

Bitcoin Investors See Red

Meanwhile, has reported that It was a red weekend for Crypto traders as about 375,113 investors lost over $2.33 billion (N8 trillion) on what is considered one of the worst days in Crypto history.

Bitcoin took a bloody nose as investors of the premium Crypto asset saw it dip below $44,000 (more than N18 million).

DOTUSD was the single largest loser on Bifinex, a crypto trading platform. Its loss was valued at $28 million (over N1 billion) and about $1 billion (about (N414 trillion) wiped from traders with exposures from its futures market, according to a Nairametrics report.


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