FTX raises $420 million in funding round

Now valued at $25 billion

Cryptocurrency exchange FTX has raised $420 million in a new round of funding, valuing the company at $25 billion.

The ultimate meme

Sam Bankman-Fried’s Bahamas-based crypto exchange revealed it had raised $420,690,000 in a Series B-1 funding round. The round included 69 investors, including BlackRock, Tiger Global, Sequoia Capital, Temasek, Sea Capital, IVP, ICONIQ Growth, and many more.

Venture into new opportunities

According to Ramnik Arora, head of product at FTX, the new funding will help the company address new market opportunities including, 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.

Perfect timing

The new round, inspired by 420 and 69 meme numbers, came only a day after Bitcoin hit a record high of $66,974, months after its previous all-time high of $64,889 set back in April and more than double its levels in July.

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