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One of the largest cryptocurrency armies, FTX, led by Sam Bankman-Fried, has managed to raise another $420.69 million, raising the company’s worth by $7 billion, just three months after completing a record-breaking Series B financing round.

The latest round of investment for the B-1 platform attracted 69 investors. Tiger Global, Sequoia Capital, and BlackRock were among them some surprise players like the Ontario Teachers’ Retirement Plan Council.

The last FTX financing round, which ended in July and raised about $1 billion, set a new high for the exchange and the crypto sector. Since then, its value has increased considerably, hitting $25 billion, up to $7 billion from its July result of $18 billion.

Representatives from FTX braggingly boasted about the platform’s success, citing a 48 percent rise in user base and a 75 percent increase in average daily trading volume to $14 billion. Against the backdrop of the trading platform’s performance, Bankman Fried already stated its aim to reach $1 billion in earnings by the end of 2021.

He stated that the entire team is focused on converting FTX into a cutting-edge and transparent platform. To that purpose, they are always looking for ways to enhance and expand the services they provide to investors and collaborate with foreign authorities to avoid lawsuits arising from violations of the laws of the countries where the exchange operates.

According to the exchange’s CEO, since FTX’s initial financing round, the market for digital currencies has increased substantially. Since then, the exchange has signed partnerships with several sports groups, created its own NFT marketplace, and relocated its headquarters from Hong Kong to the Bahamas.

The cash received from investors will be used to assist the marketplace in developing market opportunities such as equities, prediction markets, NFTs, and new gaming-related collaborations.

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