Cryptocurrency exchange FTX raised $400 million in a Series C funding round, valuing the company, which has leaned heavily on sports and gaming partnerships, at $32 billion.
The round included SoftBank’s Vision Fund 2, Tiger Global, Temasek, Paradigm, and Lightspeed Venture Partners. FTX will use the fresh capital for mergers, acquisitions, the development of new products, and to invest in companies in gaming, NFTs, and the metaverse.
The latest round follows a $420.7 million raise last October, valuing the exchange at $25 billion. To date, FTX has raised $2 billion but has spent nearly $1 billion on acquisitions.
FTX has aligned with several sports and gaming businesses to expand its reach.
- The exchange purchased the naming rights to FTX Arena, home of the Miami Heat, in a 19-year, $135 million deal.
- It teamed up with Solana Ventures and Lightspeed Venture Partners to launch a $100 million gaming fund called GameFi.
- Esports team TSM rebranded to TSM FTX after signing a $210 million partnership with the exchange.
- It secured naming rights to the field at California’s Memorial Stadium — home of the California Golden Bears — for $17.5 million.
More Games to be Played
Earlier this month, FTX established a $2 billion fund to invest in crypto startups, with a focus on gaming and security companies. The exchange could allocate all of the funds by 2023.
FTX Ventures is entirely funded by FTX and its 29-year-old founder Sam Bankman-Fried.