Crypto exchange FTX valued at $25 billion after funding round

CNBC Television published this video item, entitled “Crypto exchange FTX valued at $25 billion after funding round” – below is their description.

FTX CEO Sam Bankman-Fried joins The Exchange to discuss his company’s endorsements, its latest funding round and the future of crypto. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

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.

“We founded FTX two years ago with the idea of creating a better financial marketplace,” said FTX CEO Sam Bankman-Fried.

“Today we are focused on establishing FTX as a trustworthy and innovative exchange by regularly engaging with regulators around the world, and constantly seeking opportunities to enhance our offerings for digital asset investors.”

The new round comes a day after bitcoin hit a record high above $66,000. Investors are cheering the launch of the first U.S. exchange-traded fund tracking bitcoin futures, a landmark move that pushes crypto deeper into the realm of Wall Street.

Bankman-Fried is something of a celebrity in crypto circles. He is also co-founder of Alameda Research, a quantitative trading firm, and has invested in a number of start-ups. According to Forbes, Bankman-Fried is worth $22.5 billion, making him the richest person in crypto.

» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision

» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC

» Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic

Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.

The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: https://www.cnbc.com/2020/09/29/the-news-with-shepard-smith-podcast.html?__source=youtube%7Cshepsmith%7Cpodcast

Connect with CNBC News Online

Get the latest news: http://www.cnbc.com/

Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC

Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC

Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC

Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC

https://www.cnbc.com/select/best-credit-cards/

#CNBC

#CNBCTV

CNBC Television YouTube Channel

Got a comment? Leave your thoughts in the comments section, below. Please note comments are moderated before publication.


About This Source - CNBC Television

CNBC is an American pay television business news channel, which primarily carries business day coverage of U.S. and international financial markets. Following the end of the business day and on non-trading days, CNBC primarily carries financial and business-themed documentaries and reality shows.

As of February 2015, CNBC is available to approximately 93,623,000 pay television households (80.4% of households with television) in the United States.

Recent from CNBC Television:

The narrative behind big tech is 'very strong', they are must own stocks, says laffer tengler ceo 1

The narrative behind Big Tech is ‘very strong’, they are must own stocks, says Laffer Tengler CEO

The Biden campaign can’t fix messaging around age, says Mick Mulvaney

Last Call panel weighs in on Sports Illustrated laying off entire staff

In This Story: Bahamas

The Bahamas, known officially as the Commonwealth of The Bahamas, is a country within the Lucayan Archipelago of the West Indies in the Atlantic. It takes up 97% of the Lucayan Archipelago’s land area and is home to 88% of the archipelago’s population.

The archipelagic state consists of more than 700 islands, cays, and islets in the Atlantic Ocean, and is located north of Cuba and Hispaniola Island (Haiti and the Dominican Republic), northwest of the Turks and Caicos Islands, southeast of the US state of Florida, and east of the Florida Keys.

The capital is Nassau on the island of New Providence. The Royal Bahamas Defence Force describes The Bahamas’ territory as encompassing 470,000 km2 (180,000 sq mi) of ocean space. The country gained governmental independence in 1973 led by Sir Lynden O. Pindling, with Elizabeth II as its queen.

2 Recent Items: Bahamas

Video captures aftermath of 10-year-old boy bitten by shark in Bahamas

10-year-old Maryland boy returns home after shark attack in Bahamas

In This Story: Binance

Binance is a cryptocurrency exchange which is currently the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software.

The company has launched various cryptocurrencies: Binance Coin (BNB), launched June 2017, and Binance Smart Chain (BSC), launched September 2020. Binance Smart Chain operates using “Proof of Staked Authority”, a combination of proof of stake and proof of authority.

Binance is currently under investigation by both the United States Department of Justice and Internal Revenue Service on allegations of money laundering and tax offenses. The UK’s Financial Conduct Authority ordered Binance to stop all regulated activity in the United Kingdom in June 2021.

3 Recent Items: Binance

Ledger Didn’t See Sales Uptick Significantly Following Binance’s $4.3B Fine, CEO Says

What’s Next for Binance Founder CZ After His Guilty Plea?

Binance founder Changpeng Zhao will be going to jail, says CFTC Chair Russ Behnam

In This Story: Bitcoin

Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its implementation was released as open-source software. Bitcoin was the first decentralized cryptocurrency.

4 Recent Items: Bitcoin

Crypto, stablecoins, payment systems, and regulation: Circle CEO weighs in from Davos

Stock market today: Dow, S&P 500 hit record highs as tech stocks soar | January 19, 2024

Bitcoin’s post-ETF drawdown continues, testing support at $40,000: CNBC Crypto World

How Bitcoin lost by winning

In This Story: BlackRock

BlackRock, Inc. (NYSE: BLK) is an American global investment management corporation based in New York City. Founded in 1988, initially as a risk management and fixed income institutional asset manager, BlackRock is the world’s largest asset manager, with $7.4 trillion in assets under management as of end-Q4 2019.

3 Recent Items: BlackRock

Google CEO warns employees of imminent 2024 job cuts

Bloomberg ETF IQ 01/17/2024

The Significance of Spot Bitcoin ETFs Arriving in the US

In This Story: Coinbase (Nasdaq: COIN)

Coinbase, Inc. (Nasdaq: COIN) is an American cryptocurrency exchange platform that operates remote-first without an official physical headquarters. The company was founded in 2012 by Brian Armstrong and Fred Ehrsam, and as of March 2021, was the largest cryptocurrency exchange in the United States by trading volume. Coinbase IPO’d on the Nasdaq exchange on 14 April 2021, via a Direct Listing, they carry the stock ticker COIN.

5 Recent Items: Coinbase (Nasdaq: COIN)

Tech at Davos and Coinbase in Court | Bloomberg Technology

US needs to catch up on crypto regulation: Coinbase policy chief

The #etf decision helps bring #bitcoin mainstream, says Coinbase CFO #technology #shorts

Davos Day One: Conflict, Climate & AI Dominate | The Pulse With Francine Lacqua 01/15/2024

Davos 2024: Coinbase CFO Haas on Bitcoin, Crypto Regulation

In This Story: Forbes

Forbes is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. Forbes also reports on related subjects such as technology, communications, science, politics, and law.

2 Recent Items: Forbes

The Significance of Spot Bitcoin ETFs Arriving in the US

The Significance of Spot Bitcoin ETFs Arriving in the US

In This Story: FTX

FTT is the native cryptocurrency token of the crypto derivatives trading platform FTX that launched on May 8, 2019.

1 Recent Items: FTX

Analyst discusses his bullish case for crypto in 2024 and anticipated spot bitcoin ETF approval

In This Story: Ontario

Ontario is a province in east-central Canada that borders the U.S. and the Great Lakes. It’s home to Ottawa, Canada’s capital, known for Parliament Hill’s Victorian architecture and the National Gallery, featuring Canadian and indigenous art. Toronto, Ontario’s capital, is home to the 553m-high CN Tower, with expansive views from its revolving restaurant.

2 Recent Items: Ontario

Amazon worker dies after staff sent into cold following fire alarm

Ontario class action lawsuit alleges common weedkiller causes cancer

In This Story: Podcast

A podcast is an episodic series of digital audio files that a user can download to a personal device for easy listening.

3 Recent Items: Podcast

Would you rather have Belichick or Harbaugh? | The Will Cain Show

Who’s the most clinical? Callum Wilson or Michail Antonio? | Footballer’s Football Podcast

Inside story of Perth’s epic BBL|12 Final run chase | KFC BBL

Leave a Comment

We don't require your email address, or your name, for anyone to leave a comment. If you do add an email address, you may be notified if there are replies to your comment - we won't use it for any other purpose. Please make respectful comments, which add value, and avoid personal attacks on others. Links are not allowed in comments - 99% of spam comments, attempt to post links. Please describe where people may find additional information - for example "visit the UN website" or "search Google for..." rather than posting a link. Comments failing to adhere to these guidelines will not be published.