A new round of fundraising has given crypto exchange FTX a staggering 11-figure valuation, drawing in large institutional investors.
The Bahamian-based company gathered $420.6 million with its latest session of fundraising, bringing in capital from blue-chip investors to raise its total valuation to $25 billion.
Key investors included BlackRock, the biggest asset manager in the world handling nearly $10 trillion worth of assets, and Sequoia Capital, a venture capital company valued at over $3 trillion.
The Ontario Teachers’ Pension Plan, a Canadian pension fund and well-known institutional investor valued at just over $200 billion, also participated in FTX’s latest funding round.
Ramnik Arora, head of product at FTX, says that the new funds may be used to expand the products that the crypto derivatives exchange offers to consumers.
“The additional capital and group of investors will let us provide the experience our users deserve and address other adjacent market opportunities including equities, prediction markets, NFTs, and videogame partnerships.
We expect to make strategic investments designed to grow the business and expand our regulatory coverage.”
FTX’s previous round of fundraising in July saw the company bring in around $900 million, which was the largest fundraising haul in cryptocurrency history.
FTX’s exchange token FTT is currently trading at $63.32 at time of writing, a 5% decrease from its seven-day high of $66.62, according to CoinGecko.
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