FTX, one of the world’s largest cryptocurrency exchanges, has raised $ 420 million in new funding, bringing its total value to $ 25 billion.

The company officially announced Thursday that its FTX operator, FTX Trading, has completed a new Series B-1 fundraiser with 69 investors including the Ontario Teachers’ Pension Board and Singapore’s state-owned investment firm Temasek.

Other investors include major venture capital firms such as Sequoia Capital, Tiger Global, C Capital, Rebit Capital, Lightspeed Venture Partners, and funds and accounts managed by BlackRock.

The new funding will help the company expand its market opportunities in stocks, prediction markets, non-fungible token (NFT) and video game partnerships, according to Ramnik Arora, FTX product manager. “We look forward to making strategic investments to expand our business and expand our regulatory framework,” he said.

Sam Bankman-Freed, founder and CEO of FTX, said he started his company with the idea of ​​”creating a better financial market.” “In this round, we took advantage of these steps and were able to work with investors who prioritize positioning FTX as the most transparent and interoperable cryptocurrency trading platform,” he added.
The news came shortly after FTX received the registration of its Bahamian subsidiary in the Bahamas in September. The stock exchange has been active in the NFT industry recently and announced the launch of its initial NFT market last month.
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The news came shortly after FTX received registration for its Bahamian subsidiary in the Bahamas in September. The stock exchange has been actively involved in the NFT industry recently and announced the launch of its initial NFT market last month.

Source: CoinTelegraph

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