Digital Assets: Crypto Exchange FTX Rakes In $420M At $25B Valuation
29-year old billionaire founder and CEO Sam Bankman-Fried is a majority owner of FTX.
Just three months after closing a record $900 million Series B round, FTX, the Bahamas-headquartered crypto exchange announced its $420 million Series B-1 raise at a valuation of $25 billion. That valuation is up from $18 billion in July.
In Thursday’s announcement, the exchange also revealed that the Series B round received $100 million from Temasek, and the total amount of the raise now stood at $1 billion.
The latest round saw participation from 69 investors including Ontario Teachers’ Pension Plan Board, via its Teachers’ Innovation Platform, Temasek, Sequoia Capital, Sea Capital, IVP, ICONIQ Growth, Tiger Global, Ribbit Capital, Lightspeed Venture Partners and funds and accounts managed by BlackRock. (CISION PR Newswire)
During the three months between the B and B-1 rounds, FTX grew its user base by 48% and its average trade volume by 75% to $14 billion.
The company also said its US-affiliate acquired LedgerX, a CFTC regulated digital currency futures & options exchange and clearinghouse.
Sam Bankman-Fried, CEO, commented on the news, “We founded FTX two years ago with the idea of creating a better financial marketplace. Today we are focused on establishing FTX as a trustworthy and innovative exchange by regularly engaging with regulators around the world, and constantly seeking opportunities to enhance our offerings for digital asset investors.”
“For this round, we capitalized on those strides and were able to partner with investors that prioritize positioning FTX as the world’s most transparent and compliant cryptocurrency exchange.”
Related Story: Digital Exchange FTX Lands $900M In Biggest Crypto Deal Ever
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