Cryptocurrency Exchange FTX Raises $ 420 Million From 69 Investors
FTX, one of the largest cryptocurrency exchanges in the world, has raised $ 420 million in new funding, bringing its overall valuation to $ 25 billion.
The company officially announced on October 21 that FTX operator FTX Trading had completed a new Series B-1 fundraising project involving 69 investors, including the Ontario Teachers Retirement Planning Board and Singapore’s state-owned investment company Temasek.
Other investors include large venture capital firms such as Sequoia Capital, Tiger Global, Sea Capital, Ribbit Capital, Lightspeed Venture Partners, and funds and accounts managed by BlackRock.
According to Ramnik Arora, FTX‘s product director, the new funding will help the company further expand market opportunities in the stock market, prediction market, non-fungible tokens (NFT) and video game partnerships. “We look forward to making strategic investments to grow the business and expand our management reach,” he said.
FTX founder and CEO Sam Bankman-Fried says he started his company with the idea of ”creating a better financial market”. “For this round, we took advantage of these advances and were able to work with investors who prioritized positioning FTX as the most transparent and compliant crypto exchange in the world,” he added.
The news comes shortly after FTX registered in September to set up a Bahamian subsidiary in the Bahamas. The exchange has been actively involved in the NFT industry recently, announcing the launch of its own NFT marketplace last month.
This article is under development and will be updated.