Crypto Exchange from Chicago FTX US has reportedly managed to hit $8 billion in value after concluding a new fundraising round. 

Specifically revealed by Reuters, the American affiliate of FTX reportedly obtained $400 million of capital injection via fundraising led by SoftBank Group Corp, Temasek Holdings, Paradigm and Multicoin Capital.

FTX US president Brett Harrison reportedly disclosed that the newly acquired capital injection would help the company secure a spot in the list of top major crypto exchanges in America, and send a message to the global market that it is developing rapidly. 

Harrison further shared that the freshly secured financial assistance will reportedly be dedicated towards developing its range of services, together with onboarding new talents to its current teams. 

Last year, the exchange made a sale-and-purchase agreement to finalize the acquisition of crypto derivatives platform LedgerX, in an effort to widen the scope of its spot trading services, via offering Bitcoin (BTC) and Ether (ETH) options and futures contracts to investors.

FTX’s global exchange reportedly managed to reel in a total of $420 million from 69 investors, raising its valuation to $25 billion in 2021. 

Simultaneously, the exchange additionally invested resources in marketing with the acquisition of naming rights to two major stadiums – Cal Memorial Stadium and Miami NBA stadium.

Meanwhile, funding for crypto initiatives reportedly keeps on witnessing development in different fields of the ecosystem. On Jan. 19, Secret Network revealed details related to a $400 million fund offer to developers building within its network.

The new $225 million ecosystem fund as well as a $175 million accelerator pool has a target of financially supporting privacy-oriented and decentralized applications.