Cryptocurrency Exchange FTX Worth $25 Billion USD

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FTX, a popular cryptocurrency exchange, closed a $420 million USD Series B funding round on Thursday, giving it a valuation of $25 billion USD.

The round included 69 investors, including Sequoia Capital, Sea Capital, IVP, ICONIQ Growth and others. The company previously raised $900 million USD in July.

According to a press release, the company’s user base has grown by 48% and its average trade volume has increased by 75% over the past three months, averaging $14 billion USD per day in daily volume. The company also recently moved its headquarters from Hong Kong to the Bahamas, securing licenses under new regulatory frameworks.

The company’s U.S. affiliate, FTX U.S., also recently acquired digital currency futures and options exchange LedgerX, in addition to launching its global NFT marketplace titled FTX NFTs.

“The additional capital and group of investors will let us provide the experience our users deserve and address other adjacent market opportunities including equities, prediction markets, NFTs and videogame partnerships,” said Ramnik Arora, the company’s head of product. “We expect to make strategic investments designed to grow the business and expand our regulatory coverage.”

In other news, Stephen Curry was announced as global brand ambassador for FTX.

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