FTX is one of the largest cryptocurrency exchanges in the world and has raised $420 million in new funds, bringing its total valuation to $25 billion.
The company officially Announce On Thursday, FTX Trading, the operator of FTX, completed a new B-1 round of financing involving 69 investors, including the Ontario Teachers’ Pension Plan Board and Singapore’s National Investment Corporation Temasek.
Other investors include major venture capital firms such as Sequoia Capital, Tiger Global, Sea Capital, Ribbit Capital, and Lightspeed Venture Partners, as well as funds and accounts managed by BlackRock.
Ramnik Arora, head of FTX products, said that the new funding will help the company further expand its market opportunities in stocks, prediction markets, non-fungible tokens (NFT) and video game partnerships. “We hope to make strategic investments aimed at growing the business and expanding the scope of supervision,” he said.
Founder and CEO of FTX Sam Bankman-Fried Said that his idea of starting the company was to “create a better financial market.” “In this round, we took advantage of these advancements and were able to work with investors who prioritized FTX as the world’s most transparent and compliant cryptocurrency exchange,” he added.
News came soon after FTX gets registered In September, it provided services to its Bahamas subsidiary in the Bahamas.The exchange has recently actively participated in the NFT industry and announced Launch its own native NFT market last month.
This story is under development and will be updated.