FTX Derivatives Exchange has completed a $420.69 million Series B-1 funding with participation from top investors.
As announced by the firm, these investors include the Ontario Teachers’ Pension Plan Board, via its Teachers’ Innovation Platform, Temasek, Sequoia Capital, Sea Capital, IVP, ICONIQ Growth, Tiger Global, Ribbit Capital, Lightspeed Venture Partners, and funds and accounts managed by BlackRock.
The funding round came just after the company raised $1 billion back in July 2021. Following this latest funding round, the Bahamas-based outfit has increased its valuation to $25 billion, further extending its position as a unicorn in the digital currency ecosystem. The company said it is going to deploy the new funds in expanding its product offerings and pushing forth into new markets globally. Ramnik Arora, Head of Product at FTX, said:
“The additional capital and group of investors will let us provide the experience our users deserve and address other adjacent market opportunities including equities, prediction markets, NFTs, and videogame partnerships. We expect to make strategic investments designed to grow the business and expand our regulatory coverage,”
While FTX has also had to adjust its operations in line with regulatory pressures globally, the company has inked several milestones that have positioned it on its next growth phase. Since its last funding round, the Sam Bankman-Fried led organization has established its headquarters in the Bahamas while also securing licenses under new regulatory frameworks in both the Bahamas and Gibraltar.
The firm is also strategic in its product offerings as it has floated an NFT marketplace, a growing trend amongst major digital currency exchanges today. Known for its Merger & Acquisition acquisitions, the company acquired Blockfolio through a record-breaking $150 million deal at the time, and its US affiliate, FTX.US, also acquired CFTC regulated clearinghouse, LedgerX.
While the company did not declare any plans to make any acquisition with the latest capital injection, doing so will not be out of place in its push to expand its reach in the industry.
Image source: Shutterstock
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