West Realm Shires Services Inc. (FTX US) has announced the closing of a $400 million Series A round valuing the firm at $8 billion.
As mentioned in an update shared with CI, this investment round is notably the first for FTX US and included contributions from Paradigm, Temasek, NEA, Multicoin Capital, Tribe Capital, Ontario Teachers’ Pension Plan Board, SoftBank Vision Fund 2, Greenoaks Capital, Steadview Capital, and Lightspeed Venture Partners, among several others.
The support FTX US has received from the participants in the Series A is “demonstrative of its continued success since its inception in 2020.”
The round also solidifies the firm’s position as one of the “highest-valued US-based exchanges.”
The proceeds should allow FTX US to “continue accelerating its growth, expand its U.S. presence, and further establish itself as the largest crypto exchange in the U.S., all while maintaining strict compliance with existing regulations and supporting emerging regulations of crypto spot and derivatives markets.”
Brett Harrison, President of FTX US, stated:
“FTX US scaled rapidly throughout the course of 2021, and our Series A valuation reflects both what we’ve concretely accomplished and what we’ve laid the groundwork for in 2022. We are thankful for all of our investors, many of whom have supported FTX from its founding, and look forward to working with them as we enter the next stage of our expansion.”
The capital injection should allow the firm to continue expanding its client base, enhance its derivatives efforts, and establish new business lines.
FTX US also intends to “leverage the Series A round to make strategic investments and acquisitions in key verticals and expand its network of partnerships.”
Harrison also mentioned:
“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.”
For more details on this announcement from FTX US, check here.