ICYMI: Venture froth catapults FTX to $32 billion valuation
The frothy venture capital market continues to buoy the empire of billionaire trader and entrepreneur Sam Bankman-Fried.
"There's a big difference between public and private markets," noted Bankman-Fried in a phone interview with The Block, referring to the firm's luck in raising capital relative to the more bearish environment for liquid tokens. The latter has come crashing to earth since the start of the year. Meanwhile, FTX and its crypto peers — including the likes of MoonPay, TaxBit, and Gemini — have easily secured cash in the private market in recent months.
Looking to the future of the international business, Bankman-Fried outlined the ways in which the firm will compete head-to-head with its off-shore rivals. While FTX commands a sizable portion of market-share in bitcoin futures trading and has grown its total user-base by 60% since OctoberFTX, it still lags behind Binance, OKEx, and Bybit in terms of volumes, according to data compiled by The Block.
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