Fresh off a massive funding round this summer, FTX Trading, one of the world’s busiest cryptocurrency exchanges, has raised another $421 million in new investments, the firm announced Thursday morning, boosting its valuation to a staggering $25 billion as bitcoin’s resurgence lifts the recently volatile crypto market to new highs.
Bahamas-based FTX’s latest funding round drew participation from 69 investors, including Iconiq Growth, Tiger Global and the Ontario Teachers’ Pension Plan.
The firm also disclosed investment firm Temasek participated in its July funding round, lifting the amount of cash raised during that round to a record $1 billion; at the time, the company was valued at $18 billion—15 times its valuation one year prior.
FTX said the new funds are meant to help the exchange expand into new jurisdictions and build on its current offerings, which recently included the acquisition of a cryptocurrency derivatives exchange.
Bankman-Fried, the 29-year-old billionaire who founded FTX in 2017, has previously said he sees “an enormous amount of potential growth” in the United States, where the company has yet to support trading.
FTX Head of Product Ramnik Arora also pointed to expansion opportunities in equities, prediction markets, non-fungible tokens and video-game partnerships.
Since its launch just two years ago, FTX has quickly grown into one of the world’s largest cryptocurrency exchanges, consistently ranking among the top 10 busiest by trading volume, according to CoinMarketCap. On Thursday, FTX said it’s “grown significantly” since its July funding round, with its user base increasing by 45% and average trading volume now averaging about $14 billion per day, up 75% in the past three months.
$22.5 billion. That’s how much Bankman-Fried was worth before the latest funding round, according to Forbes, making him the world’s richest 29-year-old.
The crypto market is currently worth about $2.8 trillion, roughly seven times its value one year ago and hitting new peak levels after bitcoin, the world’s largest cryptocurrency, skyrocketed to a record high above $66,000 on Wednesday morning.