Aditya Hadi Pratama · · 1 min readSea, Temasek join $420m funding of crypto exchange major FTX
FTX, a Bahamas-based cryptocurrency exchange, has raised US$420 million in a series B-1 funding round from Temasek, Sequoia Capital, Sea Group’s investment arm Sea Capital, Ontario Teachers’ Pension Plan Board, IVP, Iconiq Growth, Tiger Global, Ribbit Capital, and Lightspeed Venture Partners, among others.
The deal valued the company at US$25 billion.
FTX founder Sam Bankman-Fried / Photo credit: FTX
Founded by Sam Bankman-Fried in 2018, FTX offers a trading platform for cryptocurrency and other assets such as prediction markets, options, and volatility products. The company currently processes an average of US$14 billion worth of transactions per day.
In July, the company established headquarters in the Bahamas and secured licenses under the country’s regulatory frameworks. Its US affiliate, FTX US, also acquired LedgerX, a digital currency futures and options exchange regulated by the Commodity Futures Trading Commission. FTX US has also launched a marketplace for non-fungible tokens called FTX NFTs.
FTX previously bagged US$900 million in series B funding in July, which valued the company at US$18 billion. The company announced that Temasek had joined the fundraise, increasing the total amount FTX raised from the round from US$900 million to US$1 billion.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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