FTX raised $420 million in fresh funding, bringing its total valuation to $25 billion, SOL up to 18% intraday

According to the official announcement on Thursday, FTX, one of the largest cryptocurrency exchanges in the world, has raised $420 million in fresh funding, bringing its total valuation to $25 billion. Interestingly, FTX revealed that it finalized massive funding round, the numbers inspired by the 420 and 69 meme numbers.

FTX raises $420 million in a funding round with backing from 69 investors

FTX’s operator, FTX Trading, revealed that the firm completed a new Series B-1 fundraise involving 69 investors, including Ontario Teachers’ Pension Plan Board and Singapore’s state investment firm Temasek. Other investors included significant venture capital firms such as Sequoia Capital, Tiger Global, Sea Capital, Ribbit Capital, Lightspeed Venture Partners, and funds and accounts managed by BlackRock. Billionaires Alan Howard and Israel Englander backed it in its previous round.

FTX head of product Ramnik Arora, the new funding will help the company further expand its market opportunities across equities, prediction markets, NFT, and videogame partnerships.

“We expect to make strategic investments designed to grow the business and expand our regulatory coverage,” he said.

FTX CEO Sam Bankman-Fried said that the new funding could help FTX acquire more companies soon. According to him, the acquisition could help the firm more quickly expand its product suite in a way that mimics its purchase of LedgerX, which could allow it to offer perpetual swaps to US crypto traders.

ftx-raised-420-million-in-fresh-funding-bringing-its-total-valuation-to-25-billion

FTX CEO Sam Bankman-Fried

“Market share is up substantially since the start of the first fundraiser. Other new products include a potential FTX branded exchange-traded fund,” Bankman-Fried said.

However, FTX – like companies in the crypto scene – has to worry about the ire of regulators. The company recently moved its headquarters from Hong Kong to the Bahamas, still unable to do business in New York. The company aspires to provide access to customers in the empire country within the following year.

In terms of revenue, Bankman-Fried said he expects to double FTX’s revenue next year from $1 billion, adding ideally, we get to 3 or 4x.

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SOL/USD 4-hour chart | Source: TradingView

At press time, SOL is trading at $187.71, up 18% over the past 24 hours.

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