financemagnates.com
Cryptocurrency exchange FTX saw a massive jump in its valuation after the latest Series B-1 investment round. According to the company, it has raised $420 million in the recent funding round and received a valuation of $25 billion.
In H1 2021, global cryptocurrency users increased by more than 100%. With growing adoption, leading players in the crypto ecosystem saw a sharp increase in their valuations. The $25 billion valuation makes FTX one of the most valuable cryptocurrency exchanges in the world.
Leading global investors including Ontario Teachers’ Pension Plan Board, via its Teachers’ Innovation Platform, Temasek, Sequoia Capital, Sea Capital, IVP, ICONIQ Growth, Tiger Global, Ribbit Capital, and Lightspeed Venture Partners participated in the funding.
FTX saw a significant surge in its valuation during the last three months. In July 2021, the digital exchange raised nearly $1 billion in its initial Series B funding round with a valuation of approximately $18 billion. Since then, the company’s user base and trading volume have jumped substantially.
“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,” Sam Bankman-Fried, CEO of FTX, commented.
“For this round, we capitalized on those strides and were able to partner with investors that prioritize positioning FTX as the world’s most transparent and compliant cryptocurrency exchange,” he added.
Busy Year for FTX
2021 remained the busiest year for FTX as the company formed several partnerships around the world. Last month, the exchange announced a collaboration with the NBA player Stephen Curry. The company also signed a deal with the NFL player Aaron Jones recently.
“We expect to make strategic investments designed to grow the business and expand our regulatory coverage,” said Ramnik Arora, Head of Product at FTX.