CHICAGO, Jan. 26, 2022 /PRNewswire/ — West Realm Shires Services Inc. (“FTX US” or “the Company”), today announced the closing of a $400 Million Series A round valuing the Company at $8 Billion. This funding round is the first for FTX US and saw participation from Paradigm, Temasek, NEA, Multicoin Capital, Tribe Capital, Ontario Teachers’ Pension Plan Board, SoftBank Vision Fund 2, Greenoaks Capital, Steadview Capital, and Lightspeed Venture Partners, amongst others.
The support FTX US has received from the participants in the Series A is demonstrative of its continued success since its inception in 2020. The round also cements the Company’s position as one of the highest-valued US-based exchanges. The funds will allow FTX US to continue accelerating its growth, expand its U.S. presence, and further establish itself as the largest crypto exchange in the U.S., all while maintaining strict compliance with existing regulations and supporting emerging regulations of crypto spot and derivatives markets.
Brett Harrison, President of FTX US, commented on the news, “FTX US scaled rapidly throughout the course of 2021, and our Series A valuation reflects both what we’ve concretely accomplished and what we’ve laid the groundwork for in 2022. We are thankful for all of our investors, many of whom have supported FTX from its founding, and look forward to working with them as we enter the next stage of our expansion.”
The funds will allow the Company to further grow its user base, bolster its derivatives efforts, and launch new business lines. FTX US also plans to leverage the Series A round to make strategic investments and acquisitions in key verticals and expand its network of partnerships.
Mr. Harrison continued, “As lawmakers and regulators continue to develop a US regulatory framework for digital assets, we expect crypto to play a much larger role in the broader financial landscape in 2022 and beyond. We’re excited to continue working cooperatively with them, and feel confident that FTX US will emerge as the leading US-regulated crypto spot and derivatives exchange.”
Investor Quotes
“Paradigm has been fortunate to be an investor in FTX’s global business, and we are thrilled to invest in FTX US. The team is world class and their focus on great products and regulatory engagement will help ensure access to crypto for millions of Americans.”
—Matt Huang, Co-Founder and Managing Partner of Paradigm
“The FTX US team is laying the groundwork to become the dominant trading platform in the United States for all things crypto: spot trading, derivatives, and NFTs. They are growing market share as customers recognize the power and flexibility of the platform, and we expect that to accelerate as the product suite accelerates.”
— Kyle Samani, Managing Partner at Multicoin Capital
“We have been following the crypto landscape for more than a decade and we believe that what FTX US has built is unprecedented,” said Carmen Chang, General Partner; Chairman & Head, Asia at NEA. “Under Sam’s leadership, FTX’s unique combination of product diversification, innovation speed, and mission-driven ethos have primed the company for continued market leadership and we are thrilled to partner with the team to deliver leading-edge cryptocurrency platforms and experiences at global scale.”
“In a market with many competing exchanges, FTX stands apart. Sam and his team are among the most talented operators in a talent-dense space, combining generational technical skill, deep empathy for user needs, and extraordinary appreciation for and from the crypto community. We are excited to partner with them as they build out a best-in-class exchange in the United States, with a thoughtful approach to regulation that builds collective trust and works hand-in-hand with the government to shape an evolving landscape.”
— Neil Mehta, Founder and Managing Partner of Greenoaks Capital
About FTX US
FTX US is a US-regulated cryptocurrency exchange, built from the ground up. Its mission is for FTX US to grow the digital currency ecosystem, offer US and international traders a platform that inspires their loyalty, and to become a market-leading US-regulated cryptocurrency exchange.
To learn more about FTX US, please visit: https://ftx.us/
Media Contact
Peter Padovano
M Group Strategic Communications (for FTX US)
646-859-5953
[email protected]
SOURCE FTX US
