FTX, the second most popular crypto exchange after Binance, has announced it’s riding on a new valuation of $25 billion after raising $420,690,000 in a funding round of 69 investors, including the Ontario Teachers Pension Plan and asset management giants BlackRock and Tiger Global.
The new funding round comes just three months after FTX raised $900 million in a Series B featuring Sequoia Capital, Paradigm, and Coinbase Ventures.
Since the July raise and a valuation of $18 billion, the crypto exchange has grown by leaps and bounds.
The crypto exchange’s user base has reportedly grown by 48% and its average trade volume has increased by 75%. On average, it handled around $13 billion worth of daily trading this month.
The new funds will be put towards addressing “adjacent market opportunities including equities, prediction markets, NFTs and videogame partnerships,” said FTX’s head of product, Ramnik Arora. “We expect to make strategic investments designed to grow the business and expand our regulatory coverage.”
FTX in recent news
In September, FTX relocated from Hong Kong to the more Bitcoin-friendly Bahamas.
FTX founder and CEO Sam Bankman Fried said on Twitter that “The Bahamas is one of the few places to set up a comprehensive framework for crypto,” adding that the country “has emerged from COVID lively, safe, and without quarantine.”
1) We’re really excited to be setting up @FTX_Official‘s headquarters in The Bahamas!
a) The Bahamas is one of the few places to set up a comprehensive framework for crypto; FTX is registered
b) The Bahamas has emerged from COVID lively, safe, and without quarantine
— SBF (@SBF_FTX) September 24, 2021
Earlier this month, reports emerged that FTX was also planning on setting up a Political Action Committee, or PAC. A PAC pools contributions from its members to assist with lobbying efforts and is then able to donate up to $5,000 to any political candidate.
Despite the reports, FTX denied it was setting up a PAC.
