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A new funding round has pushed the FTX crypto exchange up to a valuation of $25 billion. Investors in the round included Sequoia Capital, BlackRock and Iconiq Growth, a branch of Iconiq Capital LLC, which manages money for Mark Zuckerberg.


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The round helped to raise the FTX over $420 million just a few months after its last fundraise brought its valuation to $18 billion.

In fact, the exact figure of the fundraise came out to $420,690,000 which led to some jokes on social media. 

FTX has also jumped in trading volume on the platform, pushing the exchange to be one of the most heavily used platforms for trading in the world.

In just the last 24 hours over $26 billion worth of trades has occurred on the FTX exchange, according to coinmarketcap

The founder and CEO of FTX, Sam Bankman-Fried, said that the company is focused on forming a trustworthy exchange that engages with regulators. 

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

"For this round, we capitalized on those strides and were able to partner with investors that prioritize positioning FTX as the world's most transparent and compliant cryptocurrency exchange."