Cryptocurrency exchange FTX raises US$420 million with US$25 billion

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

Eva Marie Uzcateji | Bloomberg | Getty Images

The cryptocurrency exchange FTX said it has raised US$420 million in a new round of financing, and the company is valued at US$25 billion.

The Bahamas-based company said Thursday that it has raised new funds from a total of 69 investors, including the Ontario Teachers’ Pension Plan Board, Singapore’s Temasek, BlackRock and Sequoia.

Specifically, the company stated that it attracted a total of $420,690,000 in the latest round of financing, of which “420” and “69” are a recognition of memetic culture.

The investment is in addition to FTX’s July B round of financing, which raised US$900 million at a valuation of US$18 billion.

FTX is one of the largest digital currency exchanges in the world, competing with companies such as Coinbase, Binance, and Kraken. It specializes in derivatives and leveraged transactions, using borrowed funds to expand transactions.

Sam Bankman-Fried, CEO of FTX, said: “We founded FTX two years ago with the idea to create a better financial market.”

“Today, we are focused on making FTX a trustworthy and innovative exchange through regular contact with regulators around the world, and we are constantly looking for opportunities to enhance our products for digital asset investors.”

The new round is the second day after Bitcoin hit an all-time high of more than $66,000. Investors are cheering for the launch of the first U.S. exchange-traded fund that tracks Bitcoin futures, a landmark move that pushes encryption technology deeper into Wall Street.

Bankman-Fried is a celebrity in the crypto world. He is also the co-founder of Alameda Research, a quantitative trading company, and has invested in a number of start-ups. According to Forbes, Bankman-Fried is worth $22.5 billion, making him the richest man in the cryptocurrency field.


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