Crypto exchange FTX is now worth $18 billion after closing $900 million in a Series B funding round.
Over 60 investors participated in the funding round, including Sequoia Capital, Coinbase Ventures, and the Paul Tudor Jones family. It is the first large funding round for FTX, a two-year-old company.
FTX says that the newly raised funds will allow it to expand its product offerings and user base.
The exchange currently caters to over 1 million users and facilitates an average of over $10 billion in daily trading volume.
Last year, FTX raised funds in a Series A funding round and has since grown its revenue by 75 times.
In an interview on CNBC, FTX founder Sam Bankman-Fried says FTX is focused on moving the industry forward.
“It was really just a lot of small things put together, a lot of decisions that we’ve made around how to build a product, trying to be as responsive as we can