Cryptocurrency exchange FTX achieves a valuation of $25 billion in the latest funding round
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Answer Cryptocurrency exchange FTX achieves a valuation of $25 billion in the latest funding round
FTX, which operates the second most popular cryptocurrency exchange after Binance, announced that it is benefiting from a new valuation of $25 billion after raising $420,690,000 in a funding round that included 69 investors, including asset management giants like BlackRock. and “Tiger Global”.
The new funding round comes just three months after FTX raised $900 million in Series B that includes:
Sequoia Capital, Paradigm and Coinbase Ventures.
Since the July increase and the $18 billion valuation, the cryptocurrency trading platform has grown and developed rapidly by leaps and bounds.
The cryptocurrency trading platform’s user base has reportedly grown by 48%, its average trading volume has increased by 75% on average and has handled around $13 billion in daily trading this month.
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Ramnik Arora, Head of Product at FTX, said the new funds will go to address market opportunities including equity, prediction markets, NFT and video game partnerships, and added:
We expect to make strategic investments designed to grow the business and expand our organizational coverage.
FTX in the spotlight:
In September, FTX moved from Hong Kong to the Bahamas, which is the most Bitcoin-friendly.
Sam Bankman-Fried, founder and CEO of FTX, said on Twitter:
The Bahamas is one of the few places where a comprehensive cryptocurrency framework is being created, adding that the country has emerged from the coronavirus crisis alive, safe and without quarantine.
1) We are really excited about the setup Tweet embedHeadquarters in the Bahamas!
a) The Bahamas is one of the few places where a comprehensive cryptocurrency framework is being created; FTX is registered
b) The Bahamas came out of Covid alive, safe and without quarantine
– SBF (SBF_FTX) September 24, 2021
Earlier this month, reports emerged that the FTX was also planning to create a Political Action Committee, or PAC.
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PAC collects contributions from its members to aid lobbying efforts and then can donate up to $5,000 to any political candidate.
Despite the reports, FTX denied that it was creating a PAC pool and was focusing only on its work.
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