FTX Raises $420 Million at $25 Billion Valuation for Cryptocurrency Industry

FTX is a cryptocurrency exchange designed by traders for traders. Its product range includes options, industry-first derivatives, leveraged tokens, and volatility products. FTX is one of the world’s leading digital currency exchanges.

Temasek Holdings Pte. Ltd, Sequoia Capital, IVP, Tiger Global Management, and Iconiq Growth participated in the recent investment round. FTX is going to spend the money raised on acquisitions for getting assets with regulatory licenses, or for purchasing crypto ventures in different countries.

FTX, headquartered in the Bahamas, was founded in 2019 by Sam Bankman-Fried and Gary Wang. Before launching FTX, Sam Bankman-Fried was a trader on Jane Street Capital’s international ETF desk. While Gary Wang worked as a software engineer at Google. As of now, FTX has established a partnership with such companies as Circle, True USD, Fenwick&West, etc. The company also participates in charity programs, now it has donated more than $10 billion to organizations The Human League and Give well among others.

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