FTT eyes new record high as parent exchange FTX hits $25B valuation

Key Takeaways:

• FTX closed Series B funding with an additional $420 million, earning itself a $25 billion valuation.
• Its native token FTT jumped 7% in response and eyed a possible new all-time high.

YEREVAN (CoinChapter.com) – FTT, the native token of the crypto exchange FTX, could see a new all-time high in the coming sessions as FTX attains a $25 billion valuation after closing a Series B funding round worth $420 million Thursday.

FTX funding

In detail, the recent funding for FTX came after the July Series B-1 round, wherein the Bahamas-based startup scooped over $900 million from sixty-plus companies. At the time, investors valued the company at $18 billion.

Fast forward to Series B-2, and the company valuation grew by 38% in four months. The latest funding round collected an additional $420 million from 69 investors.

The list included Ontario Teachers’ Pension Plan Board, Singapore’s investment company Temasek Holdings, investment management firm BlackRock, and venture capital company Sequoia. Ramnik Arora, FTX’s head of product, asserted that the company will aim the new cash towards “adjacent market opportunities.”

The additional capital and group of investors will let us provide the experience our users deserve and address other adjacent market opportunities including equities, prediction markets, NFTs and videogame partnerships. We expect to make strategic investments designed to grow the business and expand our regulatory coverage.

detailed Mr. Arora.

Also read: Crypto.com and FTX sign new sports sponsorship deals while the FTT token declines.

In addition, the chief executive of the exchange, Sam Bankman-Fried, commented on FTX’s progress since its launch in 2019.

We founded FTX two years ago with the idea of creating a better financial marketplace. Today we are focused on establishing FTX as a trustworthy and innovative exchange by regularly engaging with regulators around the world, and constantly seeking opportunities to enhance our offerings for digital asset investors

asserted the CEO.

While crypto exchange FTX made headway in obtaining substantial funding, its native FTT put on 7% and hinted at a new record, albeit in a bearish formation.

FTT daily chart

The digital asset has been trading in a pattern dubbed the Rising Wedge. It features two converging trendlines, both with a rising slope. The resistance trendline has been instrumental since mid-April, and the support trendline prevented breakdowns since mid-July.

Also read: Bitcoin analyst predicts BTC price crash to $50K in Q4 despite $100K consensus.

While the Rising Wedge drives the price up, it also predicts a setback after exhaustion. The reversal pattern could see FTT establish a new all-time high of around $93 before sliding back down.