FTX US has reached a value of $8 billion in its latest $400 million funding raise.
According to the exchange’s press release, FTX.US locked in new funds from a group of blue chip investors to help it expand its U.S presence, and “further establish itself as the largest crypto exchange in the US” while adhering to strict regulatory compliance and supporting “emerging regulations of crypto spot and derivatives markets.”
Among its investors are Japanese tech investment giant Softbank, Singaporean state holding company Temasek, and the Ontario Teachers Union from Canada.
FTX US president Brett Harrison said the company expects crypto have more influence over the financial system in the US as the regulatory environment matures.
“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.”
FTX has been on an aggressive campaign to corner the US market. The exchange gained naming rights to NBA basketball team Miami Heat’s stadium in April, and in June the league signed off on a $135 million partnership. Sam Bankman-Fried, FTX founder and CEO made a point to donate much of the money to Florida’s social programs.
“In the end, it’s not my passion for sports that matter,” Bankman-Fried said. “It’s what we can do for the business and the county and the team and the partnership that matters.”
FTX also sponsorship deals with the Golden State Warriors, esports platform TSM, and Formula One (F1) racing team Mercedes-AMG Petronas.
The entire FTX empire, including FTX.US, is estimated to be valued at $25 billion at the time of writing.