FTX, a US-based cryptocurrency exchange building a mobile trading interface, has bagged US$ 420M in a Series B funding round co-led by Ontario Teachers’ Pension Plan and Sequoia Capital on 21 October 2021.

Investors: The latest funding round featured Sequoia Capital and Ontario Teachers’ Pension Plan as the lead investors with participation from Sea Capital, Tiger Global Management, ICONIQ Growth, Ribbit Capital, Temasek Holdings, Race Capital, Lightspeed Venture Partners, Institutional Venture Partners and BlackRock.

Purpose of the funding: The firm seeks to deploy the proceeds from the investment round towards further product development, implementing its international expansion plans and increasing its market reach.

About FTX

Brought to existence in 2018 by Gary Wang and Sam Bankman-Fried, FTX envisions developing a strong trading platform that meets the needs of professional trading organisations and can be effortlessly employed by new customers. The firm offers unique offerings, including volatility products, options, leveraged tokens and industry-first derivatives. FTX has experienced exponential growth, witnessing an average trade volume growth of 75% and user growth of 48%. Being headquartered in the Bahamas, FTX has obtained licenses from new regulatory authorities in Gibraltar and the Bahamas in recent months. Its US branch, FTX US, has acquired LedgerX and launched an NFT platform worldwide called FTX NFTs.

What the Founder has to say: “Our primary motive of establishing FTX was to develop a sound financial ecosystem. We focus on building FTX as an innovative and reliable exchange by constantly interacting with regulators across different geographies and regularly looking for chances to improve our services for digital asset investors. As far as the latest funding round is concerned, we took advantage of those aspects and managed to join hands with corporations that rank FTX as the most compliant and transparent cryptocurrency exchange globally.”- Sam Bankman-Fried, Co-Founder and CEO of FTX.

What the Investor has to say: “FTX is attempting to structure an advance financial marketplace. FTX’s leadership team and other employees work proficiently. We feel that their complete attention towards building an enhanced product and user experience has been vital to FTX’s emergence as a leading crypto exchange worldwide. It is exhilarating to join hands with FTX as they employ their fundamental infrastructure to diversify into wider financial services and become an exchange offering everything.”- Divesh Makan, Founding Partner at ICONIQ Growth.

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Sankalp majorly focuses on writing newsletters on VCBay. He is pursuing Bachelors in Economics from the University of Delhi and exhibits proficiency in content writing and research.

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