Crypto trade FTX raises $420 million at $25 billion

Sam Bankman-Fried, CEO of cryptocurrency trade FTX, on the Bitcoin 2021 convention in Miami, Florida, on June 5, 2021.

Eva Marie Uzcategui | Bloomberg | Getty Photos

Cryptocurrency trade FTX says it has raised $420 million in a brand new spherical of funding, valuing the corporate at $25 billion.

The Bahamas-based agency mentioned Thursday it raised the recent money from a complete of 69 traders together with the Ontario Lecturers’ Pension Plan Board, Singapore’s Temasek, BlackRock and Sequoia.

Particularly, the corporate mentioned it attracted a complete of $420,690,000 in its newest spherical, with the “420” and “69” being a nod to meme tradition.

The funding is a top-up to FTX’s sequence B financing spherical in July, wherein it raised $900 million at an $18 billion valuation.

FTX is among the world’s largest digital foreign money exchanges, competing with the likes of Coinbase, Binance and Kraken. It focuses on derivatives and buying and selling on leverage, the usage of borrowed funds to amplify trades.

“We based FTX two years in the past with the concept of making a greater monetary market,” mentioned FTX CEO Sam Bankman-Fried.

“Right now we’re centered on establishing FTX as a reliable and progressive trade by recurrently partaking with regulators around the globe, and continually in search of alternatives to boost our choices for digital asset traders.”

The brand new spherical comes a day after bitcoin hit a record high above $66,000. Traders are cheering the launch of the primary U.S. exchange-traded fund monitoring bitcoin futures, a landmark transfer that pushes crypto deeper into the realm of Wall Road.

Bankman-Fried is one thing of a celeb in crypto circles. He’s additionally co-founder of Alameda Analysis, a quantitative buying and selling agency, and has invested in quite a few start-ups. In keeping with Forbes, Bankman-Fried is value $22.5 billion, making him the richest individual in crypto. | Crypto trade FTX raises $420 million at $25 billion

Aila Slisco

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