FTX, one of the largest cryptocurrency exchanges in the earth, has raised $420 1000000 in fresh funding, bringing its total valuation to $25 billion.

The firm officially announced Thursday that FTX's operator, FTX Trading, has completed a new Series B-i fundraise involving 69 investors, including Ontario Teachers' Pension Plan Lath and Singapore'due south country investment firm Temasek.

Other investors included major venture capital firms such as Sequoia Capital letter, Tiger Global, Bounding main Capital, Ribbit Capital, Lightspeed Venture Partners, and funds and accounts managed by BlackRock.

Co-ordinate to FTX caput of product Ramnik Arora, the new funding will assistance the company further expand its market opportunities beyond equities, prediction markets, nonfungible tokens (NFT) and videogame partnerships. "We expect to make strategic investments designed to grow the business and expand our regulatory coverage," he said.

FTX founder and CEO Sam Bankman-Fried said that he founded his company with the thought of "creating a better financial marketplace." "For this round, we capitalized on those strides and were able to partner with investors that prioritize positioning FTX as the globe's well-nigh transparent and compliant cryptocurrency exchange," he added.

The news comes soon later FTX obtained registration for its Bahamian subsidiary in the Bahama islands in September. The exchange has been actively involved in the NFT industry recently, announcing the launch of its own native NFT marketplace terminal month.

This story is developing and volition be updated.