FTX announced today that it successfully hit a massive $25 billion valuation following its latest funding round that raised over $420.6 million from over 69 significant investors. This includes asset management firms Tiger Global and BlackRock, as well as the Ontario Teachers Pension Plan.
Interestingly, FTX’s new funding round came just about three months after its previous one that features Coinbase Ventures, Paradigm, and Sequoia Capital, raising $900 million. Back then, FTX’s valuation was just at about $18 billion, signifying that the crypto exchange is currently at a huge run.
FTX’s announcement also noted that its user base and average trading volume had grown significantly, increasing by over 48% and 75%, respectively. Putting it into perspective, FTX currently handles more than $13 billion worth of day-to-day trading this month alone.
According to the head of product of FTX, Ramnik Arora, the newly accumulated funds will go towards the exchange’s efforts to address adjacent market opportunities, which it specifies as including prediction markets, videogame partnerships, equities, and NFTs. He then added that FTX is currently pursuing several strategic investment advancements to expedite its growth and regulatory coverage.