FTX Parent Company Raises $420M in Series B-1 Funding Round
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FTX Trading, the exchange's parent company, has announced it has raised $420,6 million in a Series B-1 funding round. With the latest investment round the company's valuation has reached the $25 billion mark.

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According to a press release, 69 investors, including Ontario Teachers' Pension Plan Board, Sequoia Capital, and Sea Capital participated in the round. The company says it plans to use the proceeds to expand into new jurisdictions and improve current offerings.

"For this round, we capitalized on those strides and were able to partner with investors that prioritize positioning FTX as the world's most transparent and compliant cryptocurrency exchange," said FTX CEO, Sam Bankman-Fried.

FTX Cuts Ties with Binance to Move Forward

The latest funding round comes after FTX raised $900 million in a Series B funding round from Paradigm, Coinbase Ventures, the Paul Tudor Jones family, Alan Howard, VanEck, Circle, and many more. Earlier this year, FTX abandoned its office in Hong Kong as China vocally reiterated ban on cryptocurrencies and crypto-related business. As of press time, the exchange is headquartered in the Bahamas.

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