29-year old crypto billionaire Sam Bankman-Fried says FTX US is set to expand after fresh funding round

SourceBusiness Insider
SectorFinancial Markets
CountryMiddle east

Sam Bankman-Fried, the 29-year-old billionaire CEO of FTX, on Thursday said his cryptocurrency derivatives exchange is targeting the US as its next growth area. The Hong Kong-based firm currently US residents to trade on its platform. FTX US is a separate service and offers limited trading for US customers.

“When you look at FTX US, there’s an enormous amount of potential growth,” Bankman-Fried told Thursday. “A lot of that has to do with the fact that there just isn’t near that much business going on there right now as you would expect, given the size of the economy … But I do think that there’s huge expansion potential in the States for FTX US.” The comments from Bankman-Fried come after his company on July 20 that it had raised $900 million in series B financing, implying a valuation of $18 billion. The fundraising round drew in high-profile participants, including Masayoshi Son’s SoftBank, Paul Tudor Jones, and Sequoia Capital. Bankman-Fried, a...read more...