FTX raises $420M, hits $25B valuation
Major crypto derivatives exchange FTX has raised about $420 million in series B-1 funding round from 69 investors. The latest fundraise has taken the company’s valuation to $25 million.
In an announcement made Thursday, FTX reported that the round saw participation from 69 investors including BlackRock, the world’s largest asset manager.
Other participants included 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 more.
The company had previously raised $900 million in Series B funding in July. At the time, the company had crossed the valuation of $18 billion. FTX explained that the number of users of the company increased by 48% and the trading volume increased by 75% during the period.
Recently, FTX has dramatically expanded the number of countries in which it offers services as well as its number of users. It is currently the second-largest exchange after Binance in terms of derivatives trading volume.
Explaining where the funds will be allocated, Ramnik Arora, Head of Product at FTX, noted:
“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.”
FTX.US, FTX’s US subsidiary, announced in September that it will acquire LedgerX, a US cryptocurrency derivatives exchange. The acquisition process is expected to close later this month.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow