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FTX Hits $25 Billion Valuation After Latest Funding Round

The Sam Bankman-Fried founded crypto exchange FTX reached a new valuation of $25 billion following a Series B funding round. 

This new number elevates FTX as one of the most monetarily valued crypto startups globally. The Series B funding round revealed backing from major investors such as Ontario Teachers’ Pension Plan Board. Additionally, Temasek, Tiger Global, Sequoia, and Black Rock participated in the round. 

Moreover, this round continues a July Series B funding round, which raised nearly $1 billion from SoftBank, among others. The round brought in $420 million from 69 investors. According to a statement from the exchange, since July its user base has grown by 48%.

Additionally, its trade volume surged by almost 75% with an average of $14 billion in daily volume. 

Along with big-league venture capital investments, FTX also has celebrity backers such as sports star Tom Brady and supermodel Gisele Bunchchen. 

Bankman-Fried says FTX is working towards a trustworthy reputation among global regulators. “We are focused on establishing FTX as a trustworthy and innovative exchange by regularly engaging with regulators around the world.”

These funds from the most recent funding round will go towards expansion in new jurisdictions. Already, according to Bankman-Fried, the previous funding allowed for partnerships with “investors that prioritize positioning FTX as the world’s most transparent and compliant cryptocurrency exchange.”

This year FTX experienced major growth and platform development. 

Most recently, the exchange announced a huge partnership with blockchain developer Solana. The two debuted a Solana-based NFT marketplace with anticipated royalty features in the future.

Additionally, the platform made an announcement of a change of HQ location. Previously positioned in Hong Kong the company switched to a more crypto-friendly location in the Bahamas. This came following China’s continuous crackdown on crypto-related enterprises, as well as the company’s registration with Bahamian Securities Commission.

Source: beincrypto.com

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