FTX US notches $8B valuation, seeks edge on rival Coinbase

Cryptocurrency exchange provider FTX US is ramping up new product offerings and startup investing efforts in a bid to gain traction against larger competitor Coinbase, even as both companies contend with a crypto sell-off.
 

• FTX US has raised $400 million at an $8 billion valuation from investors including Temasek, NEA, Lightspeed and SoftBank. It's the first time FTX US has raised funding since it spun out of parent company FTX, which itself was valued at $25 billion in October.
   
• Like Coinbase, which is among the most active crypto startup investors, FTX is going big on VC deals. This week, the firm launched a $2 billion venture fund led by Amy Wu, who invested in FTX while at Lightspeed.
   
• FTX US also recently launched an NFT marketplace and is moving into derivatives trading following its acquisition of LedgerX—two areas that Coinbase is also expanding into. 
   
• Cryptocurrencies have seen a broad sell-off in recent months, putting pressure on Coinbase's stock, which currently trades at nearly half its November peak.

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