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    Home»Deals»Crypto exchange FTX secures backing from venture capital and hedge funds
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    Crypto exchange FTX secures backing from venture capital and hedge funds

    July 20, 20211 Min Read
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    The cryptocurrency exchange FTX has raised one of the largest rounds of financing for a digital assets start-up, in a signal of continued investor demand for the sector despite the recent drop in the price of bitcoin.

    FTX said it raised $900m from more than 60 investors including the venture capital firms Paradigm and Sequoia Capital and the private equity group Thoma Bravo, valuing the business at $18bn.

    A previous round of funding valued FTX at $1.2bn last year. Known mainly for its cryptocurrency derivatives exchange, FTX has quickly risen to become one of the main challengers to Binance, Coinbase and other more well-established marketplaces. An FTX spokesperson said the company’s annualised revenue was near $1bn.

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    Source: Financial Times

    By Miles Kruppa

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