FTX reaches $32 billion valuation with $400 million fundraise

FTX raised $400 million in a Series C funding round that gives the cryptocurrency exchange a mammoth $32 billion valuation. That’s about the same as the market cap of Germany’s Deutsche Boerse and more than the Nasdaq exchange or Twitter.

The capital injection will help the exchange fund its global expansion and obtain additional licenses in different markets. CEO Sam Bankman-Fried has previously announced that FTX was planning acquisitions and partnerships to enter more countries and grow its user base.