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Crypto exchange FTX raises $420 million at $25 billion

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

Eva Marie Uzcategui | Bloomberg | Getty Pictures

Cryptocurrency change 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 buyers 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, through which it raised $900 million at an $18 billion valuation.

FTX is likely one of the world’s largest digital foreign money exchanges, competing with the likes of Coinbase, Binance and Kraken. It makes a speciality of 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.

“Immediately we’re centered on establishing FTX as a reliable and progressive change by frequently participating with regulators around the globe, and continuously in search of alternatives to reinforce our choices for digital asset buyers.”

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 Avenue.

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 various start-ups. In line with Forbes, Bankman-Fried is value $22.5 billion, making him the richest individual in crypto.

https://www.cnbc.com/2021/10/21/crypto-exchange-ftx-raises-420-million-at-25-billion.html | Crypto change FTX raises $420 million at $25 billion

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