FTX valued at $25bn after Series B-1 fundraiser

The cryptocurrency exchange platform raised $420.7m (£304.5m) in Series B-1 fundraising

                                
FTX says amount raised is testament to the company's continued growth - Photo:Shutterstock
                                

Cryptocurrency exchange platform FTX has raised $420.7m  (£304.5m) in Series B-1 fundraising, bringing the value of the company to $25bn (£18bn).

The round saw investors from Ontario Teachers' Pension Plan Board, via its Teachers' Innovation Platform, Temasek, Sequoia Capital, Sea Capital, IVP, ICONIQ Growth, Tiger Global, Ribbit Capital, Lightspeed Venture Partners and funds and accounts managed by BlackRock.

FTX also announced that Temasek participated in the previously announced Series B fundraiser and update the total amount of money raised from $900m (£651m) to $1bn (£724m).

FTX believes the amount raised in Series B-1 fundraiser is “testament to the Company's continued growth and will allow FTX to expand into new jurisdictions, improve upon its current offerings, and further establish itself as a marketplace leader.”

FTX user base has grown by 48%

Since July 2021, FTX has grown its company user base by 48% and its average trade volume increasing by 75%. The company now averages $14bn (£10bn) per day in daily volume.

FTX has established its global headquarters in the Bahamas and secured licences under new regulatory frameworks in the Bahamas and Gibraltar. As well as the Company's US-affiliate, FTX US, acquired Commodity Futures Trading Commission (CFTC) regulated digital currency futures and options exchange and clearinghouse, LedgerX.

FTX is only two years old

Sam Bankman-Fried, CEO of FTX, said: "We founded FTX two years ago with the idea of creating a better financial marketplace. Today we are focused on establishing FTX as a trustworthy and innovative exchange by regularly engaging with regulators around the world, and constantly seeking opportunities to enhance our offerings for digital asset investors. For this round, we capitalised on those strides and were able to partner with investors that prioritise positioning FTX as the world's most transparent and compliant cryptocurrency exchange."

Ramnik Arora, head of product at FTX said: “The additional capital and group of investors will let us provide the experience our users deserve and address other adjacent market opportunities including equities, prediction markets, NFTs and videogame partnerships. We expect to make strategic investments designed to grow the business and expand our regulatory coverage.”

Further reading: FTX announces global partnership with the ICC

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