What would you do with $100 million? I’d buy an island, but for a growing number of VCs, the answer is… invest in a global cryptocurrency exchange. This week, FTX and Coinlist raised two huge rounds and investors continue to pour money into the space.

Here’s a refresher: While not Coinbase, FTX and Coinlist are establishing themselves as direct competitors in the battle for your crypto trading dollars.

• FTX is a centralized exchange started by crypto legend Sam Bankman-Fried. In the past three months alone, FTX’s user base has grown by 48% and their trading volume is up to $14 billion daily.
   
• Coinlist is also a centralized exchange but their specialty is helping new crypto projects launch their tokens. In the past year, they’ve grown their monthly trading volume to $1 billion, with most of their growth outside North America.

What’s next: FTX raised an extremely precise $420,690,000 and Coinlist closed an even $100 million round. Of course, much of this will go to helping scale to keep up with growth. But… the funds will also be used for marketing purposes, like FTX’s $135 million deal to rename the Miami Heat’s stadium.

Why you should care: And that’s really why these fundraising rounds matter. FTX and Coinlist, same as publicly traded Coinbase, have a mandate to grow. So expect all of these exchanges to spend big on marketing which should increase interest in the space and, if all goes according to plan, drive up the prices of your favourite digital assets. Get excited!