FTX has announced that it has contacted investors to help the company actualize a funding round of about $1 billion. In the statement, the company said it wants to use the funds to tie down a couple of acquisitions during this bear market. In a detailed post by numerous sources close to the company, the matter is still being discussed internally and has not been concluded. The sources also claim that the objectives of the discussions could also change.
The firm completed a funding round in January
FTX could be looking to keep its $32 billion valuation should the company pull off raising this exorbitant amount. The projected funds to be raised will signal investors’ huge faith in the company. At the beginning of the year, FTX pulled off remarkable funding round as it closed the round with about $400 million.
This means that despite the turbulence in the market during this period, investors still have so much confidence in the company’s potential. Although the details are still sketchy, sources claim that most of the raised funds would be infused into making more inroads across the crypto market. This is not the least surprising, given that Alameda, a sister company of the crypto exchange, has also been trying to make more investments during this market period.
FTX continues to make inroads into the crypto market
The company has also been making waves across the market towards trying to achieve the recently bankrupt firm Voyager Digital. In July, the company partnered with Alameda to offer a proposal to acquire the company, which was instantly turned down. Voyager Digital at the period claimed that the exchange was planning to use the acquisition to drive publicity. The firm also claimed that FTX would not provide its users with the much-needed value their customers need.
FTX and other companies in the crypto market have been in the issue with a decision on the winning bid scheduled to be delivered by September 29. An arm of FTX claimed at the beginning of the month that it is finalizing plans to take a 30% stake in Skybridge Capital. The agreement’s details have not been made available, with the fee still not disclosed. Aside from those, FTX has been involved in purchasing Bitvo, a famous firm in Canada. It also provided a bailout to BlockFi some months ago, with the firm aiming to acquire the lending platform for about $240 million in the long run.
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