Pension giant Ontario Teachers’ Pension Plan Board is venturing into the crypto business with an investment in crypto exchange FTX Trading Ltd.
Bahamas-based FTX announced it has closed a new US$420-million funding round, which values the company at US$25 billion.
Teachers’ was among the 69 investors that participated in the financing, doing so through its Teachers’ Innovation Platform (TIP), the firm said.
“Teachers’ Innovation Platform invests in innovative companies that use technology to help shape new categories,” said Olivia Steedman, senior managing director at TIP, in a release. “As a global technology-driven innovator in the financial sector, FTX fits well with our mandate.”
FTX said the new financing will enable it to expand into new markets and improve its current offerings.
The firm reported that its user base has grown 48%, and its average trade volume is up 75%, since its initial Series B round in July.
“We founded FTX two years ago with the idea of creating a better financial marketplace,” said Sam Bankman-Fried, CEO of FTX, in a statement. “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.”
He added, “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.”