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