FTX crypto exchange raises $ 420 million to $ 25 billion

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Sam Bankman-Fried, CEO of the FTX cryptocurrency exchange, at the Bitcoin 2021 conference in Miami, Florida on June 5, 2021.

Eva Marie Uzcategui | Bloomberg | Getty Images

The FTX cryptocurrency exchange said it raised $ 420 million in a new round of funding, valuing the company at $ 25 billion.

The Bahamas-based company said Thursday it raised new money from a total of 69 investors, including the Ontario Teachers’ Pension Plan Board, Temasek of Singapore, BlackRock and Sequoia.

Specifically, the company said it drew a total of $ 420,690,000 in its last round, with the numbers “420” and “69” being an obvious nod to memes culture.

The investment is a complement to FTX’s Series B financing round in July, in which it raised $ 900 million at a valuation of $ 18 billion. FTX said it also obtained an additional $ 100 million from Temasek, which was not disclosed at the time.

FTX is one of the largest digital currency exchanges in the world, competing with Coinbase, Binance, and Kraken. She specializes in derivatives and leveraged trading, the use of borrowed funds to amplify transactions.

“We founded FTX two years ago with the idea of ​​creating a better financial market,” said FTX CEO Sam Bankman-Fried.

“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. “

The new cycle comes a day after bitcoin hit a record high above $ 66,000. Investors applaud the launch of the first U.S. exchange-traded fund that tracks bitcoin futures, a landmark move that pushes crypto deeper into the realm of Wall Street.

Bankman-Fried is somewhat of a celebrity in crypto circles. He is also a co-founder of Alameda Research, a quantitative trading company, and has invested in a number of start-ups. According to Forbes, the 29-year-old entrepreneur is worth $ 22.5 billion, making him the richest person in crypto.

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