Crypto exchange FTX raises $420 million at $25 billion

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

Eva Marie Uzcategui | Bloomberg | Getty Images

Cryptocurrency exchange FTX says it has raised $420 million in a brand new spherical of funding, valuing the corporate at $25 billion.

The Bahamas-based agency mentioned Thursday it raised the contemporary money from a complete of 69 buyers together with the Ontario Teachers’ Pension Plan Board, Singapore’s Temasek, BlackRock and Sequoia.

Specifically, the corporate mentioned it attracted a complete of $420,690,000 in its newest spherical, with the “420” and “69” being a nod to meme tradition.

The funding is a top-up to FTX’s sequence B financing spherical in July, wherein it raised $900 million at an $18 billion valuation.

FTX is among the world’s largest digital foreign money exchanges, competing with the likes of Coinbase, Binance and Kraken. It focuses on derivatives and buying and selling on leverage, using borrowed funds to amplify trades.

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

“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.”

The new spherical comes a day after bitcoin hit a record high above $66,000. Investors are cheering the launch of the primary U.S. exchange-traded fund monitoring bitcoin futures, a landmark transfer that pushes crypto deeper into the realm of Wall Street.

Bankman-Fried is one thing of a star in crypto circles. He can also be co-founder of Alameda Research, a quantitative buying and selling agency, and has invested in numerous start-ups. According to Forbes, Bankman-Fried is value $22.5 billion, making him the richest particular person in crypto.