FTX Raises $ 420 Million in Series B-1 – Crypto Exchange Orders $ 25 Billion Valuation – Bitcoin News

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Digital currency exchange FTX Trading Limited announced that the company has raised more than $ 420 million in a Series B-1 fundraiser. The capital increase follows the crypto exchange’s funding round at the end of July, when FTX raised $ 900 million. After announcing the increase on October 21, FTX said the estimated valuation of the company is around $ 25 billion today.

Crypto exchange giant FTX raises $ 420 million in Round B-1 on Thursday. The company has raised $ 420 million from 69 different investors. According to the announcement, FTX said the Ontario Teachers’ Pension Plan Board, through its Teacher Innovation Platform, Temasek, Sequoia Capital, Sea Capital, IVP, ICONIQ Growth, Tiger Global , Ribbit Capital and Lightspeed Venture Partners participated in the latest financing. Additionally, in addition to the $ 900 capital increase in July, FTX said Temasek participated in the first round of Series B and pushed the raise to $ 1 billion. With all of the funding raised by investors to date, FTX’s overall valuation is $ 25 billion, according to the company. “We founded FTX two years ago with the idea of ​​creating a better financial market,” said Sam Bankman-Fried, CEO of FTX at the announcement. “Today, we are focused on establishing FTX as a reliable and innovative exchange by regularly engaging with regulators around the world and constantly seeking opportunities to improve our offerings for digital asset investors.” , Bankman-Fried said. On the same day as the announcement of the capital increase, Bankman-Fried also joined the board of directors associated with NFT Autograph, an NFT company co-founded by Super Bowl champion Tom Brady. FTX claims that since the last capital increase in July, the company’s user base has grown 48% and trading volume has grown by 75%. The exchange noted that it averaged around $ 14 billion per day in crypto asset trading volume. The company also revealed that it had recently established its global headquarters in the Bahamas. FTX has obtained licenses in the island territory and adopted the regulatory policies imposed on the Bahamas and Gibraltar. “The additional capital and investor pool will allow us to deliver the experience our users deserve and seize other adjacent market opportunities, including equities, prediction markets, NFTs, and video game partnerships.” . We plan to make strategic investments designed to grow the business and expand our regulatory coverage. FTX product manager Ramnik Arora said in a statement.

What do you think of the fact that FTX raised an additional $ 420 million after raising $ 1 billion in July? Let us know what you think of this topic in the comments section below.

Tags in This Story $ 900 Million, Crypto Exchange, Finance, ftx, FTX Exchange, FTX NFT, FTX Pay, FTX Trading Limited, Funding Round, ICONIQ Growth, IVP, Lightspeed Venture Partners, Teachers’ Pension Plan Board and Ontario teachers, Ribbit Capital, Sam Bankman-Fried, Sea Capital, Sequoia Capital, Series B, Series B-1 Round, Temasek, Tiger Global, through its teacher innovation platform

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