FTX raises $420 million at a $25 billion valuation

The Bitcoin exchange FTX announced the closing of the Series B-1 funding round worth $420.69 million, after which the company’s market valuation reached $25 billion.

Its participants included 69 investors, among them Temasek, Sequoia Capital, Sea Capital, IVP, ICONIQ Growth, Tiger Global, Ribbit Capital, Lightspeed Venture Partners, as well as funds managed by the investment giant BlackRock.

In addition, Temasek joined the industry’s record July funding round for the company’s Series B in the amount of $900 million and increased the total investments in that round to $1 billion.

FTX said that in the three months since then the platform’s client base grew by 48%, and the average daily trading volume rose by 75% to $14 billion.

“Additional capital will allow us to provide the service our users deserve, and to explore other adjacent market opportunities, including equities, prediction markets, NFT and partnerships in gaming. We expect to make strategic investments to grow the business and broaden our regulatory footprint,” said Ramnik Arora, Head of Product at FTX.

According to founder Sam Bankman-Fried, the team aims to build a ‘transparent and regulation-compliant cryptocurrency platform’.

Earlier, he admitted that regulatory questions take up to five hours a day.

In September, FTX moved its headquarters from Hong Kong to the Bahamas, after its subsidiary received a local regulator’s license.