Exchanging cryptocurrencies Following the failure of a rescue from bigger rival Binance, FTX was on the verge of bankruptcy.
Sam Bankman-Fried, the company’s chief executive, declared that he was looking at all possibilities.
A timeline of FTX from its founding in 2019 is provided below:
Sam Bankman-Fried, a former Wall Street trader, and Gary Wang, a former Google employee, launched FTX in May 2019. Gary Wang is the owner and operator of the cryptocurrency exchange FTX.COM.
2020: August – FTX paid $150 million for Blockfolio, a mobile portfolio tracking software.
A $900 million fundraising round valued FTX at $18 billion in July 2021.
2022: On January 27, FTX’s U.S. subsidiary said that it had raised $400 million in its initial investment round from investors including SoftBank (9984.T) and Temasek, valuing the company at $8 billion.