TechFlow news, October 21 — Cryptocurrency exchange FTX announced the completion of its Series B-1 funding round, raising $420,690,000, increasing the company's valuation from $18 billion to $25 billion.
According to reports, a total of 69 investors participated in this round, including prominent institutions such as the Ontario Teachers' Pension Plan Board of Canada, which manages $120 billion in assets, Singapore-based investment firm Temasek Holdings, Sequoia Capital, Paradigm, global venture capital IVP, and ICONIQ Growth.
FTX founder Sam Bankman-Fried said that when he initially founded FTX, his goal was to create a better financial market.
"Today, through regular engagement and communication with regulators around the world, we've built FTX into a trusted, innovative exchange. We continuously strive to enhance our products and services to meet user needs. With this funding round, our progress over recent months has enabled us to partner with leading global investors, further proving FTX’s position as the world’s most transparent and compliant cryptocurrency exchange."
