Today cryptocurrency exchange FTX Trading announced it raised a $400 million Series C funding at a $32 billion valuation. Following previous venture rounds of $1 billion in July 2021 and another $420 million in October, this brings total funds raised to $1.8 billion. Separately, last week U.S. affiliate FTX.US raised a $400 million Series A at an $8 billion valuation. That values the companies at a combined $40 billion valuation compared to listed Coinbase’s market capitalization of $38 billion today.
Investors in both the FTX and FTX.US rounds include Singapore state-owned investment firm Temasek, Paradigm, Ontario Teachers’ Pension Plan Board, NEA, IVP, SoftBank Vision Fund 2, Lightspeed Venture Partners, Steadview Capital, Tiger Global, and Insight Partners.
A major difference between FTX and Coinbase is the emphasis on spot markets versus derivatives. In the last 24 hours, the international arm of FTX ranks sixth worldwide in spot markets compared to Coinbase’s third spot, according to Coingecko. For derivatives, FTX ranks second, and Coinbase is not yet a player. Binance has a dominant first position in both categories and is also a past investor in FTX, according to CrunchBase.
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