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Singapore’s Temasek helps raise US$430 million for Bahamas-based crypto firm FTX

FTX says 69 investors took part in the fundraising, including Sequoia Capital, Sea Capital, and Ribbit Capital
By Goh Thean Eu   
October 26, 2021

Singapore state investment company Temasek Holdings helped lead a new round of fundraising for crypto firm FTX Trading, which brought US$420 million of fresh capital for the Bahamas-headquartered firm.

The other lead investors were Canada’s Ontario Teachers' Pension Plan Board and New York-based Tiger Global.

The fundraising drew 69 investors in total, including Sequoia Capital, Sea Capital, and Ribbit Capital, FTX says in a statement.

According to the firm, it now has a valuation of $25 billion.

FTX says its user base has grown 48% since the last fundraising in July and that its average trading volume has surged 75% to $14 billion a day.

The firm owns and operates the FTX.com cryptocurrency exchange which caters to a wide customer base, including retail investors, family offices and institutional investors. It was founded by entrepreneurs Sam Bankman-Fried and Gary Wang.