Finance

Crypto exchange FTX raises mega amount and is now worth 25 billion dollars

The money was raised from 69 new investors, including major US venture capitalist Sequoia and asset manager BlackRock. FTX Trading, the parent company of the crypto exchange, which is based in the Bahamas, reports this.

New products

The support of these wealthy parties is significant for the growing confidence in the young platform. In addition to trading well-known cryptos, such as bitcoin and ethereum, FTX wants to distinguish itself by offering derivative investment products such as derivatives, options and ETFs (exchange traded funds) with which you can invest indirectly in cryptocurrencies via an underlying index.

That seems to be a new and lucrative market. The US stock market watchdog SEC gave its first approval for such a bitcoin-based ETF on Tuesday. “The tip of the iceberg,” said Bankman-Fried at the investor round. He expects many more of these crypto-related products to follow.

The SEC approval makes crypto ETFs especially interesting for business parties. Private investors, including in the Netherlands, have been able to trade in this for some time.

$14 billion

Meanwhile, FTX continues to grow strongly. The number of customers has grown by 48 percent since July, according to the company, with the average trading volume per day increasing by 75 percent.

According to FTX, USD 14 billion is traded on the platform every day. According to the American newspaper The Wall Street Journal, this makes FTX the third largest crypto trading platform in the world after Binance and OKEx.

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