One of the world’s biggest cryptocurrency exchanges, FTX, has secured $420 million in additional capital, valuing the company at $25 billion. The business stated formally Thursday that FTX Trading, the operator of FTX, has closed a new Series B-1 fundraising with 69 investors, including the Ontario Teachers’ Pension Plan Board and Singapore’s state investment firm Temasek.
According to FTX’s director of product, Ramnik Arora, the additional capital will assist the firm in expanding its market prospects across equity, prediction markets, nonfungible tokens (NFT), and gaming collaborations. According to him, “we aim to make strategic investments geared to promote the company and extend our regulatory coverage.”
As FTX CEO Sam Bankman-Fried put it, he started the business with the goal of “building a better financial market.” He continued, “We were able to work with investors that prioritized establishing FTX as the world’s most transparent and compliant cryptocurrency exchange for this round.”
The announcement came only a few months after FTX registered its Bahamian subsidiary in the country. Last month, the exchange announced the establishment of its own native NFT marketplace, showing that it has been actively participating in the NFT business lately.