FTX Trading, a US-based company that built a cryptocurrency derivatives exchange, received backing from more than 60 funders in its Series B round. AFP
FTX Trading, a US-based company that built a cryptocurrency derivatives exchange, received backing from more than 60 funders in its Series B round. AFP
FTX Trading, a US-based company that built a cryptocurrency derivatives exchange, received backing from more than 60 funders in its Series B round. AFP
A two-year-old company that built a digital exchange allowing investors to trade cryptocurrency derivatives is now valued at $18 billion, after securing $900 million from investors in its latest funding round – one of the largest ever achieved by a cryptocurrency company.
FTX Trading, based in San Francisco, said it would use the proceeds of the Series B round to accelerate its growth plans and expand its global presence. The late stage funding round represents a huge leap in valuation since FTX raised $40m from investors last year at a valuation of $1.2bn.
"It's our first large fundraise, but through it we've formed a hugely valuable set of partners. I'm excited to work with them to make FTX the best company it can be," said co-founder and chief executive, Sam Bankman-Fried. "We started out as a new derivatives exchange two years ago, and this round will help us continue to build out a bigger and broader vision for what FTX could become."
Mr Bankman-Fried is a former trader at Jane Street Capital, a company that uses quantitative strategies to trade equities, bonds and ETF markets. He founded FTX in May 2019 with ex-Google software engineer Gary Wang. Their aim was to build an exchange robust enough to be used by professional traders but easy enough for first-time users to manage, according to its website.
FTX now has more than one million users who complete an average of $10bn worth of trades through the exchange every day.
The company's Series B funding round attracted more than 60 investors, including Silicon Valley venture capitalists Sequoia Capital, Thoma Bravo, Ribbit Capital and Lightspeed Venture Partners. Japan's SoftBank and China's Sino Global Capital also participated.
Derivatives are contracts based on an underlying asset – such as a share, commodity or cryptocurrency – in which the buyer and seller agree to a trade at a set price in the future. Traders can make and lose fortunes on cryptocurrency derivatives due to the volatility in cryptocurrency valuations.
Bitcoin, the world's biggest cryptocurrency, soared back above the $30,000 mark on Wednesday after a steep fall on Tuesday. It was up 5.75 per cent at $31,397.17 by 3pm UAE time. Ether, the second-biggest cryptocurrency, was up 8.44 per cent to $1,903.63.
In the UK, the Financial Conduct Authority banned the sale of cryptocurrency derivatives to retail investors in October last year, citing the "extreme volatility in cryptoasset price movements", lack of a reliable basis for valuation and the prevalence of market abuse, among other factors. It estimated that retail customers would save about £53m as a result of the ban.
FTX expanded its range last year, offering trading on tokenised shares, contracts on pre-IPO shares and even prediction markets allowing traders to speculate on events such as the outcome of the US election – some 200 million contracts traded hands on the event, according to a blog on its website.
It plans to use the funds raised to develop other services including payment processor FTX Pay, a service allowing users to loan out crypto assets known as FTX Liquidity and a non-fungible tokens business.
"As crypto becomes more ubiquitous, FTX has the opportunity to build a next generation financial services brand, spanning exchange, payments and many other categories to come," said Nick Shalek, general partner at Ribbit Capital.
UAE currency: the story behind the money in your pockets
Liverpool’s Uefa Champions League bid: “They’re great. With the attacking force they have, for me, they’re certainly one of the favourites. You look at the teams left in it - they’re capable of scoring against anybody at any given time. Defensively they’ve been good, so I don’t see any reason why they couldn’t go on and win it.”
Mohamed Salah’s debut campaign at Anfield: “Unbelievable. He’s been phenomenal. You can name the front three, but for him on a personal level, he’s been unreal. He’s been great to watch and hopefully he can continue now until the end of the season - which I’m sure he will, because he’s been in fine form. He’s been incredible this season.”
Zlatan Ibrahimovic’s instant impact at former club LA Galaxy: “Brilliant. It’s been a great start for him and for the club. They were crying out for another big name there. They were lacking that, for the prestige of LA Galaxy. And now they have one of the finest stars. I hope they can go win something this year.”
Six large-scale objects on show
Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
Frank Lloyd Wright’s 1930s Kaufmann Office
A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
Torrijos Palace dome
Brief scores:
Barcelona 3
Pique 38', Messi 51 (pen), Suarez 82'
Rayo Vallecano 1
De Tomas Gomez 24'
THE LOWDOWN
Photograph
Rating: 4/5
Produced by: Poetic License Motion Pictures; RSVP Movies
The flights: Flydubai flies from Dubai to Kilimanjaro airport via Dar es Salaam from Dh1,619 return including taxes. The trip takes 8 hours.
The trek: Make sure that whatever tour company you select to climb Kilimanjaro, that it is a reputable one. The way to climb successfully would be with experienced guides and porters, from a company committed to quality, safety and an ethical approach to the mountain and its staff. Sonia Nazareth booked a VIP package through Safari Africa. The tour works out to $4,775 (Dh17,538) per person, based on a 4-person booking scheme, for 9 nights on the mountain (including one night before and after the trek at Arusha). The price includes all meals, a head guide, an assistant guide for every 2 trekkers, porters to carry the luggage, a cook and kitchen staff, a dining and mess tent, a sleeping tent set up for 2 persons, a chemical toilet and park entrance fees. The tiny ration of heated water provided for our bath in our makeshift private bathroom stall was the greatest luxury. A standard package, also based on a 4-person booking, works out to $3,050 (Dh11,202) per person.
When to go: You can climb Kili at any time of year, but the best months to ascend are January-February and September-October. Also good are July and August, if you’re tolerant of the colder weather that winter brings.
Do not underestimate the importance of kit. Even if you’re travelling at a relatively pleasant time, be geared up for the cold and the rain.
Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
Biodiversity: Support species like sea turtles, dugongs, and seabirds
Coastal protection: Reduce erosion and improve water quality
The 12 Syrian entities delisted by UK
Ministry of Interior Ministry of Defence General Intelligence Directorate Air Force Intelligence Agency Political Security Directorate Syrian National Security Bureau Military Intelligence Directorate Army Supply Bureau General Organisation of Radio and TV Al Watan newspaper Cham Press TV Sama TV
