Cryptocurrency exchange FTX said on Monday it has completed a new round of funding worth $32 billion, even as the likes of Bitcoin and Ether continue to drop. CEO Sam Bankman-Fried said he does not expect a “long-term crypto winter.” Details are on Kriptokoin.com.
Bitcoin winter is coming?
FTX founder and CEO Sam Bankman-Fried said he is not worried about the possibility of a prolonged crypto winter. FTX said in a statement that it has raised $400 million in its Series C funding round, making it the third such fundraiser in six months. FTX said its business has reached a valuation of $32 billion. In stark contrast to the success of FTX, the crypto market has lost nearly $500 billion in value since the start of the year, spearheaded by massive losses in Bitcoin and even the popular altcoins of 2021. Bitcoin is down almost 50% from its all-time high in November. Ether is down 28.99% so far in January. This has resulted in fears of a more serious and prolonged collapse that many refer to as the “crypto winter”, such as the era of low prices and low prices.
But Bankman-Fried was more optimistic. “I don’t think we’re entering a long-term crypto winter,” he said in an interview. He said that crypto is not unique, that other markets have been affected by the change in US interest rates and inflation expectations. Tech stocks, in particular, have come under fire over the past few weeks. The CEO said, “There have been changes in interest rate expectations and this is moving the crypto markets. But it moves the markets more generally,” he said. “Our Series C funding round represents a landmark achievement for FTX as we approached $2 billion in six months,” Bankman-Fried said afterwards. “This tour will support our mission to bring innovative products and services to market.”
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