FTX Sheds Plans to Raise Another Venture Round, Tackles Hiring Push
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FTX Founder Plans to Pursue Growth Strategy
The exchange's founder, Sam Bankman-Fried, stated that it intends to pursue a growth strategy that involves hiring 50% to 100% more people yearly, emphasizing that this rise will take time. He added that the company was "never considering" a raise with the mentioned specification but alluded to other potential fundraises that the company is still considering, saying FTX has not "discarded any ideas."
One source estimated that there will be an increase of 1,000 personnel, up from just 250 to 300 recently, however, this would not occur immediately.
Unclear Valuation
According to a recent tearsheet got from a third-party asset manager that monitors the secondary market for shares of digital assets, FTX was valued at $32 billion in June, down from $46 billion less than a year earlier in October 2021 – a startling 35.9 percent decline. It is unclear if FTX would have received a valuation that matched those numbers or the extent of the capital infusion in the recently launched financing round.
The company raised $400 million in a Series C round in January, one of the largest-ever crypto venture investments, and valued the market-maker at $32 billion. This was the firm's third such success in less than six months of rapid expansion.