This content is not available in your region

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

By Reuters

<div> <p> – Crypto firm <span class="caps">FTX</span> 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. </p> <p>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.</p> <p>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. </p> <p>Founded by crypto entrepreneurs Sam Bankman-Fried and Gary Wang and headquartered in the Bahamas, <span class="caps">FTX</span> is the owner and operator of the <span class="caps">FTX</span>.com cryptocurrency exchange that caters to a wide customer base including retail investors, family offices and institutional investors.</p> <p>The platform is currently not available to residents in the United States. </p> <p><span class="caps">FTX</span> also counts celebrity couple Tom Brady and Gisele Bundchen among its backers. </p> <p>In a statement on Thursday, <span class="caps">FTX</span> said its user base has grown 48% since its July fundraise and its average trade volume has surged 75%, averaging about $14 billion per day in daily volumes. </p> <p/> </div>