Biggest private crypto deal ever closes
in the industry’s history, nearly doubling the previous record. Today, FTX Trading Ltd.
A relative latecomer among cryptocurrency exchanges, FTX, launched in May 2019, differentiated itself from industry giants like Binance and Coinbase by offering even inexperienced traders advanced functionality and sophisticated investment products, including options, futures, volatility products and leveraged tokens.
“The primary goal of the raise was to [find] strategic allies who can help FTX grow its brand,” but the capital itself will be primarily used for acquisitions, says Sam Bankman-Fried, the 29-year-old founder and CEO of the exchange. In August 2020,Non-crypto native firms, trading shops, NFT platforms, – “any of those are businesses where we think we have a lot of value to add, implementing the tools that we've built, and frankly, in some cases, us implementing what they’ve built,” he adds.
FTX CEO Sam Bankman-Fried at his company offices in Hong Kong plans to give away much of his wealth as part of the effective altruism movement, which uses data to determine how to make the largest positive impact on the world.Notably absent from the list of investors is Binance, the world’s largest cryptocurrency exchange by market volume, currently beset by scrutiny from financial regulators worldwide.
FTX today counts over one million registered users, ranging from retail investors to sophisticated day traders, family offices and experienced institutional traders. Such rapidly growing popularity could also be attributed to multiple high-profile sports sponsorships it has struck this year. In March, FTX got a 19-year
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