Cryptocurrency exchange valuation exceeded $25 billion
Just three months after completing a record-breaking Series B funding round, one of the largest cryptocurrency brigades, FTX, led by Sam Bankman-Fried, has managed to raise another $420.69 million, boosting the company's valuation by $7 billion.
69 investors took part in the new round of funding for the B-1 platform. Among them were crypto-friendly Tiger Global, Sequoia Capital, and BlackRock, as well as unexpected participants such as the Ontario Teachers' Retirement Plan Council.
The previous FTX financial round in July was a record for the exchange and the crypto industry, ending at around $1 billion. The company's valuation has also grown significantly since then, reaching $25 billion, up to $7 billion from the July result of $18 billion.
FTX representatives bragged about the platform's performance without undue modesty, noting a 48% growth in their customer base and a 75% increase in average daily trading volume to $14 billion. Against the backdrop of the success of the trading platform, Bankman Fried previously announced its intention to bring profits to the $1 billion mark by the end of 2021.
Today, the entire team is focused on transforming FTX into an innovative and transparent platform, he said. To this end, they regularly look for opportunities to expand and improve the services offered to investors and seek to cooperate with international regulators to avoid claims due to violations of the laws of the states in which the exchange operates.
The head of the exchange stressed that the market for digital currencies has grown significantly since the first fundraising for FTX. Since then, the exchange has secured several contracts with sports organizations, launched its own NFT marketplace, and even moved its headquarters from Hong Kong to the Bahamas.
The funds raised from investors will help the marketplace build market opportunities through stocks, prediction markets, NFTs, and new partnerships with the gaming industry.
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