The crypto exchange run by 29-year-old billionaire Sam Bankman-Fried was just valued at $18 billion
- FTX, the crypto
exchangefounded by 29-year-old Sam Bankman-Fried, announced it raised $900 million for a valuation of $18 billion.
- Though a touch lower than the $20 billion Bankman-Fried had previously sought, the valuation has come on the back of startling growth.
FTXis still a good deal smaller than Binance and Coinbase, its main competitors.
"I'm incredibly humbled by the support we've gotten," Bankman-Fried said in a statement. "It's our first large fundraise, but through it we've formed a hugely valuable set of partners."
Alfred Lin, a partner at Sequoia, said in a statement that Bankman-Fried was the "perfect founder" for FTX, which could soon "become the leading financial exchange for all types of assets."
Though a touch lower than the $20 billion Bankman-Fried had previously sought, the valuation has come on the back of startling growth. FTX, founded in 2019, saw its average daily trading volume shoot up 11-fold between October and April of this year. The exchange now handles more than $10 billion in volume on an average day.
FTX is still a good deal smaller than Binance and Coinbase, its main competitors. For comparison, Binance boasts north of $75 billion in average daily volume and Coinbase a public-market valuation of $47 billion.
One Twitter user offered their lukewarm take on the fundraise, writing, "World's least shi--y billionaire gets more billions."
"Eh, I'll take it," replied Bankman-Fried, who is worth an estimated $8.7 billion.
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