FTX Trading, a US-based company that built a cryptocurrency derivatives exchange, received backing from more than 60 funders in its Series B round. AFP
FTX Trading, a US-based company that built a cryptocurrency derivatives exchange, received backing from more than 60 funders in its Series B round. AFP
FTX Trading, a US-based company that built a cryptocurrency derivatives exchange, received backing from more than 60 funders in its Series B round. AFP
A two-year-old company that built a digital exchange allowing investors to trade cryptocurrency derivatives is now valued at $18 billion, after securing $900 million from investors in its latest funding round – one of the largest ever achieved by a cryptocurrency company.
FTX Trading, based in San Francisco, said it would use the proceeds of the Series B round to accelerate its growth plans and expand its global presence. The late stage funding round represents a huge leap in valuation since FTX raised $40m from investors last year at a valuation of $1.2bn.
"It's our first large fundraise, but through it we've formed a hugely valuable set of partners. I'm excited to work with them to make FTX the best company it can be," said co-founder and chief executive, Sam Bankman-Fried. "We started out as a new derivatives exchange two years ago, and this round will help us continue to build out a bigger and broader vision for what FTX could become."
Mr Bankman-Fried is a former trader at Jane Street Capital, a company that uses quantitative strategies to trade equities, bonds and ETF markets. He founded FTX in May 2019 with ex-Google software engineer Gary Wang. Their aim was to build an exchange robust enough to be used by professional traders but easy enough for first-time users to manage, according to its website.
FTX now has more than one million users who complete an average of $10bn worth of trades through the exchange every day.
The company's Series B funding round attracted more than 60 investors, including Silicon Valley venture capitalists Sequoia Capital, Thoma Bravo, Ribbit Capital and Lightspeed Venture Partners. Japan's SoftBank and China's Sino Global Capital also participated.
Derivatives are contracts based on an underlying asset – such as a share, commodity or cryptocurrency – in which the buyer and seller agree to a trade at a set price in the future. Traders can make and lose fortunes on cryptocurrency derivatives due to the volatility in cryptocurrency valuations.
Bitcoin, the world's biggest cryptocurrency, soared back above the $30,000 mark on Wednesday after a steep fall on Tuesday. It was up 5.75 per cent at $31,397.17 by 3pm UAE time. Ether, the second-biggest cryptocurrency, was up 8.44 per cent to $1,903.63.
In the UK, the Financial Conduct Authority banned the sale of cryptocurrency derivatives to retail investors in October last year, citing the "extreme volatility in cryptoasset price movements", lack of a reliable basis for valuation and the prevalence of market abuse, among other factors. It estimated that retail customers would save about £53m as a result of the ban.
FTX expanded its range last year, offering trading on tokenised shares, contracts on pre-IPO shares and even prediction markets allowing traders to speculate on events such as the outcome of the US election – some 200 million contracts traded hands on the event, according to a blog on its website.
It plans to use the funds raised to develop other services including payment processor FTX Pay, a service allowing users to loan out crypto assets known as FTX Liquidity and a non-fungible tokens business.
"As crypto becomes more ubiquitous, FTX has the opportunity to build a next generation financial services brand, spanning exchange, payments and many other categories to come," said Nick Shalek, general partner at Ribbit Capital.
All matches in Bulawayo Friday, Sept 26 – First ODI Sunday, Sept 28 – Second ODI Tuesday, Sept 30 – Third ODI Thursday, Oct 2 – Fourth ODI Sunday, Oct 5 – First T20I Monday, Oct 6 – Second T20I
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
SPECS
Engine: 4-litre V8 twin-turbo Power: 630hp Torque: 850Nm Transmission: 8-speed Tiptronic automatic Price: From Dh599,000 On sale: Now
RESULTS
5pm: Maiden (PA) Dh80,000 1,400m
Winner: JAP Almahfuz, Fernando Jara (jockey), Irfan Ellahi (trainer).
5.30pm: Handicap (PA) Dh90,000 1,400m
Winner: AF Momtaz, Antonio Fresu, Musabah Al Muhairi.
6pm: Handicap (TB) Dh100,000 1,400m
Winner: Yaalail, Fernando Jara, Ali Rashid Al Raihe.
6.30pm: Abu Dhabi Championship Listed (PA) Dh180,000 1,600m
Winner: Ihtesham, Szczepan Mazur, Ibrahim Al Hadhrami.
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 1,600m
Winner: Dahess D’Arabie, Fernando Jara, Helal Al Alawi.
7.30pm: Maiden (PA) Dh80,000 2.200m
Winner: Ezz Al Rawasi, Connor Beasley, Helal Al Alawi.
PAST 10 BRITISH GRAND PRIX WINNERS
2016 - Lewis Hamilton (Mercedes-GP)
2015 - Lewis Hamilton (Mercedes-GP)
2014 - Lewis Hamilton (Mercedes-GP)
2013 - Nico Rosberg (Mercedes-GP)
2012 - Mark Webber (Red Bull Racing)
2011 - Fernando Alonso (Ferrari)
2010 - Mark Webber (Red Bull Racing)
2009 - Sebastian Vettel (Red Bull Racing)
2008 - Lewis Hamilton (McLaren)
2007 - Kimi Raikkonen (Ferrari)
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
MATCH SCHEDULE
Uefa Champions League semi-final, first leg
Tuesday, April 24 (10.45pm)
Liverpool v Roma
Wednesday, April 25
Bayern Munich v Real Madrid (10.45pm)
Europa League semi-final, first leg
Thursday, April 26
Arsenal v Atletico Madrid (11.05pm)
Marseille v Salzburg (11.05pm)
CHINESE GRAND PRIX STARTING GRID
1st row
Sebastian Vettel (Ferrari)
Kimi Raikkonen (Ferrari)
2nd row
Valtteri Bottas (Mercedes-GP)
Lewis Hamilton (Mercedes-GP)
3rd row
Max Verstappen (Red Bull Racing)
Daniel Ricciardo (Red Bull Racing)
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures: Monday, first 50-over match; Wednesday, second 50-over match; Thursday, third 50-over match
