Amid Worries Of Downturn, FTX Scores $32B Valuation

The recent fall in the price of cryptocurrency has had investors around the world fearing the worst. Whether this is truly a new “crypto winter” or merely another blip in the perpetually volatile crypto market, tech traders have had a great deal to worry about lately.

Yet for all the doom and gloom around the crypto world, for Bahamas-based crypto exchange FTX, the future looks brighter than ever following a roaring Series C funding round. This most recent round, the third that FTX has led in the last three quarters, pulled in $400 million and led to a new valuation of $32 billion.

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What accounts for FTX’s upturn when other crypto investments are fearing the worst? According to CEO and co-founder Sam Bankman-Fried, the company has been propelled higher than ever despite a difficult market thanks to broad international development, increasing expansion into NFT trading, and the continuation of supportive international interest rates.

“I think we’re not entering a long term crypto winter,” Bankman-Fried said in an interview with CNBC that should provide some solace to investors. Bankman-Fried was vague about whether the company’s success is likely to lead to an IPO anytime soon, but if his company’s aggressive expansion and booming user base is any indication, the global appetite for crypto is liable to survive the current downturn.