Crypto exchange FTX raises $400m

Bahamas-based cryptocurrency exchange FTX has raised $400 million in a Series C financing round.

The firm, founded in 2019, claimed that it has been the third-largest cryptocurrency exchange in the world and the largest exchange outside of China since October.

The latest round gave FTX a valuation of $32 billion and brings its total funding to date to $1.8 billion.

FTX said the round included investment from Japanese technology conglomerate Softbank, Singapore-based investment firm Temasek Holdings, and the Ontario Teachers' Pension Plan Board.

The news comes after the firm achieved a $25 billion valuation during its Series B round in October 2021.

"Our Series C financing round represents a milestone achievement for FTX, as we raised close to $2 billion in six months,” said Sam Bankman-Fried chief executive at FTX. “This round will support our continued mission of delivering innovative products and services to the marketplace as well as expanding our global reach with additional licenses around the world.

“With the ongoing support from our dedicated investors and userbase, FTX will look to continue interacting with regulators to facilitate access to digital assets in a safe and compliant manner.”

He added: “We look forward to working alongside our investors to achieve our mission and continue our tremendous growth throughout 2022 and beyond."

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