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Crypto startup FTX Trading valued at $25 billion after mega funding round

The financing, led by investors including Ontario Teachers' Pension Plan Board, Temasek and Tiger Global, is a continuation of an earlier Series B funding round from July, when the two-year-old startup raised $1 billion from SoftBank, Temasek and other investors at a valuation of $18 billion.

October 21, 2021 / 07:53 PM IST
Representative image

Representative image

Crypto firm FTX Trading raised fresh capital at a valuation of $25 billion from a clutch of big-name venture capital investors, making it one of the most richly-valued crypto startups in the world.

The financing, led by investors including Ontario Teachers' Pension Plan Board, Temasek and Tiger Global, is a continuation of an earlier Series B funding round from July, when the two-year-old startup raised $1 billion from SoftBank, Temasek and other investors at a valuation of $18 billion.

The latest $420-million funding round, which attracted 69 investors, comes at a time when cryptocurrencies are facing tighter regulatory scrutiny in the United States and around the world.

Founded by crypto entrepreneurs Sam Bankman-Fried and Gary Wang and headquartered in the Bahamas, FTX is the owner and operator of the FTX.com cryptocurrency exchange that caters to a wide customer base including retail investors, family offices and institutional investors.

The platform is currently not available to residents in the United States.

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FTX also counts celebrity couple Tom Brady and Gisele Bundchen among its backers.

In a statement on Thursday, FTX said its user base has grown 48 percent since its July fundraise and its average trade volume has surged 75 percent, averaging about $14 billion per day in daily volumes.
Reuters
first published: Oct 21, 2021 07:50 pm

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