Crypto Exchange FTX Raises $ 566 Million In Funding Round Co-Led By Temasek, Banking News & Top Stories

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BENGALURU (REUTERS) – Crypto firm FTX Trading has raised new capital worth US $ 25 billion (S $ 33.7 billion) from a group of renowned venture capitalists, which makes them one of the world’s most beloved crypto start-ups. world.

Funding, led by investors including the Ontario Teachers’ Pension Plan Board, Singapore-based investment firm Temasek and Tiger Global, builds on a previous round of funding Series B in July, when the two-year-old startup raised US $ 1 billion from SoftBank, Temasek and other investors for a valuation of US $ 18 billion.

The latest $ 420 million (S $ 566 million) funding round, which has attracted 69 investors, comes at a time when cryptocurrencies are under tighter regulatory control in the United States and the United States. the world.

Founded by Bahamas-based cryptocurrency entrepreneurs Sam Bankman-Fried and Gary Wang, FTX is the owner and operator of the FTX.com cryptocurrency exchange, which caters to a large customer base including individual investors, family offices and institutional investors.

The platform is currently not available to residents in the United States.

FTX also counts celebrity couple Tom Brady and Gisele Bundchen among its backers.

In a statement on Thursday, October 21, FTX said its user base had grown 48% since its fundraising in July and that its average trade volume had increased by 75%, averaging around $ 14 billion. dollars per day in daily volumes.

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