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Crypto Firm FTX Seeks $1 Billion In New Funding Round

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%Cryptocurrency firm %FTX is seeking to raise up to $1 billion U.S. in a new private funding round that could value the company at $32 billion U.S., according to multiple media reports.

The latest capital raise is the first new funding round for FTX since it secured $400 million U.S. this past January. Existing investors in FTX include SoftBank’s %VisionFund2 and %TigerGlobal.

In recent months, FTX has bought the assets of several distressed cryptocurrency lenders and exchanges that have fallen into bankruptcy protection. The company is a privately held cryptocurrency exchange and headquartered in the Bahamas.

In July, FTX signed a deal to buy troubled crypto lender %BlockFi. FTX also offered to buy bankrupt cryptocurrency brokerage %VoyagerDigital ($VYGVQ), although that offer was rejected.

The fresh capital raised now will be put towards more dealmaking, according to media reports.

FTX’s revenue soared more than 1,000% last year to $1.02 billion U.S. from $89 million U.S. in 2020, according to investor information leaked by the company.

FTX earned net income of $388 million U.S. in 2021, up from just $17 million U.S. in 2020. However, those earnings were achieved before the cryptocurrency market tanked this year.

Since the end of March this year, the prices of %Bitcoin and %Ethereum (ETH) are both down more than 60%, and numerous cryptocurrency firms have been forced into liquidation.

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