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Crypto exchange FTX raises $420 million from 69 investors, in meme funding round
Oct 21, 2021 | CNBC
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Cryptocurrency exchange FTX says it has raised $420 million in a new round of funding, valuing the company at $25 billion.

The Bahamas-based firm said Thursday it raised the fresh cash from a total of 69 investors including the Ontario Teachers' Pension Plan Board, Singapore's Temasek, BlackRock and Sequoia.

Specifically, the company said it attracted a total of $420,690,000 in its latest round, with the "420" and "69" being a nod to meme culture.

The investment is a top-up to FTX's series B financing round in July, in which it raised $900 million at an $18 billion valuation.

FTX is one of the world's largest digital currency exchanges, competing with the likes of Coinbase, Binance and Kraken. It specializes in derivatives and trading on leverage, the use of borrowed funds to amplify trades.

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