Crypto startup FTX Trading raises US$420m in funding round co-led by Temasek

[BENGALURU] Crypto firm FTX Trading raised fresh capital at a valuation of US$25 billion from a clutch of big-name venture capital investors, making it one of the most richly-valued crypto startups in the world.

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 2-year-old startup raised US$1 billion from SoftBank, Temasek and other investors at a valuation of US$18 billion.

The latest US$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.

Founded by crypto entrepreneurs Sam Bankman-Fried and Gary Wang and headquartered in the Bahamas, FTX is the owner and operator of the FTX.com cryptocurrency exchange that caters to a wide customer base including retail investors, family offices and institutional investors.

The platform is currently not available to residents in the United States.

FTX also counts celebrity couple Tom Brady and Gisele Bundchen among its backers.

In a statement on Thursday, FTX said its user base has grown 48 per cent since its July fundraise and its average trade volume has surged 75 per cent, averaging about US$14 billion per day in daily volumes.

REUTERS