FTX Trading Ltd., the owner of FTX.COM, a top global cryptocurrency exchange, has recently announced the securing of a $420,690,000 Series B-1 fundraise.
This recent fundraise, which has shot the company’s valuation to $25 billion saw the participation of over 60 investors including Sequoia Capital, Tiger Global, Ontario Teachers’ Pension Plan Board, Lightspeed Venture Partners e.t.c
Previously, the company had raised Series B funding, shooting the amount from $900 million to $1 billion.
FTX will deploy the fund in expanding its horizon while working on improving its present offerings, with plans to also establish itself as an authority in the global cryptocurrency exchange ecosystem.
Sam Bankman-Fried, CEO of FTX Trading Ltd., commented, “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.”
Back in July 2021, FTX had raised $1 Billion in Series B round, while it recorded a 48% growth in user base.
Ramnik Arora, Head of Product at FTX, added,
“The additional capital and group of investors will let us provide the experience our users deserve and address other adjacent market opportunities including equities, prediction markets, NFTs and videogame partnerships. We expect to make strategic investments designed to grow the business and expand our regulatory coverage.”
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