FTX Raises $420,690,000 and is Valued at $25 Billion

FTX Raises 0,690,000 and is Valued at Billion

Bahamas-based crypto exchange FTX revealed on Wednesday it had raised $420,690,000 in a Series B-1 funding round. Sixty-nine investors, including BlackRock and Tiger Global, were involved and able to get a share in the fastest growing crypto business.

With the latest funding, the exchange is valued $25 billion, a near 39% spike since the Series B July funding round when FTX raised a massive $900 million in crypto’s largest-ever venture capital funding round. Since then, fueled by a blitzering marketing campaign over the summer months, users on the platform have grown 48% and trading volume rose 75%, the exchange said.

The exchange went all-in on sports advertising this year, signing deals with the Major League Baseball, the Miami Heat, Formula 1 Racing Team Mercedes (Lewis Hamilton) and starring seven-time super bowl champion Tom Brady in their new commercial

The exchange is not only working on getting its name out and is planning a series of acquisitions and partnerships across the worlds to boost its global exposure.

Last evening, during the season opener of the NBA for the Miami Heat, FTX handed out $500 in crypto to several lucky fans. It turned out a great night for the fans as the Heat managed to send defending champions Milwaukee Bucks home with an embarrassing loss, 137-95.

FTX just gave $500 in crypto to every person sitting in one section of the arena for the Miami Heat season opener.

Don’t sleep on how powerful this sponsorship will be. pic.twitter.com/Hs15yIFcaB

— Pomp (@APompliano) October 22, 2021