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FTX Crypto Exchange Raises $420 Million Series B-1 Funding Round



FTX Crypto Exchange

FTX Trading Ltd. today announce the fundraise of $420 million in a Series B-1 round. After this fundraise the valuation of the company increases to $25 billion.

Around 69 investors, including 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 participated in this fundraising.

In Series-B fundraise the company was valued at $18 billion and raised $900 million. Now in Series-B1 this $900 million has been increased to $1 billion.

“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 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,” says Sam Bankman-Fried, the CEO of FTX.

Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.

Ashish is a cryptocurrency journalist who has been passionately involved in the bitcoin space since 2016. His interests lie in bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.