Richest Crypto Billionaire Could Double His Fortune By – Antigua-based owner and operator of the crypto derivatives exchange FTX Trading Ltd. hosted the largest private fundraising round in the history of the industry in the amount of $ 900 million at an estimate of $ 18 billion. Thanks to the deal, the net fortune of the company founder and CEO Sam Bankman Fried could increase by almost $ 8 billion. writes Forbes.

Thanks to the $ 900 million Series B fundraiser, the crypto exchange’s valuation reached $ 18 billion, up from just $ 1.2 billion just a year ago.

More than 60 investors participated in the fundraising, including Paradigm, Sequoia Capital, Ribbit Capital, Third Point, Lightspeed Venture Partners, Coinbase Ventures, Softbank (T 馃檪 and hedge sponsors. Notable is the absence from this list of Binance, the world’s largest cryptocurrency exchange by market size, which is currently under the scrutiny of financial regulators around the world.

Crypto exchange FTX did not rely on investment banks to organize fundraising, working directly with investors Paradigm, Ribbit and BTIG to close the deal.

Coming relatively late to the cryptocurrency market, FTX, launched in May 2019, differs from its competitors – industry giants such as Binance and Coinbase Global Inc (NASDAQ :), offering even novice traders advanced features and sophisticated investment products, including options and futures. FTX has a daily trading volume of over $ 10 billion.

The company’s revenue has increased 10-fold this year, and 75-fold since the conclusion of the Series A fundraising round in mid-2020.

The main purpose of the fundraiser, according to Sam Bankman Fried, the 29-year-old founder and CEO of the crypto exchange, was to find strategic allies that can help FTX grow its brand, with the capital itself primarily used for acquisitions. An example of such an acquisition is the popular $ 150 million portfolio tracking application Blockfolio. FTX can implement the tools it has created in non-cryptocurrency companies, shopping malls, NFT platforms. In addition, funding will also be directed towards global expansion and accelerating growth of FTX.

With over a million FTX users ranging from retail investors to seasoned day traders, family offices and seasoned institutional traders, the fledgling company is growing in popularity by leaps and bounds. This is partly due to the many large sponsors from the sports industry. In March of this year, FTX struck a 19-year $ 135 million NBA Miami Heat home arena deal – the first time a cryptocurrency exchange sponsored a professional sports event in the United States. The company also secured multi-year partnerships with esports organization TSM and Major League Baseball (MLB), appointing NFL American football defender Tom Brady as their ambassador.

The personal fortune of Bankman Fried, who owns 58% of the company’s shares, eventually reached $ 8.3 billion last month, and may grow by at least another $ 7.9 billion to $ 16.2 billion, thereby securing the title of the richest famous crypto billionaire. …

– In preparation, materials from Forbes were used

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