The family of legendary hedge fund manager Paul Tudor Jones took part in the $900 million Series B of cryptocurrency exchange FTX, Forbes reports.
The record-shattering funding round also included such big-name investors as British billionaire Alan Howard, Softbank, Sequoia Capital, Circle, and VanEck.
Meanwhile, Binance, an early backer of the rival exchange, got rid of its entire stake in the company, according to CEO Changpeng Zhao:
We’ve seen tremendous growth from them, we're very happy with that but we’ve exited completely.The Hong Kong-based exchange—which launched operations back in May 2019— is currently valued at an eye-popping $18 billion.
Despite being a relative newcomer to the crypto industry, the upstart trading exchange has already achieved decent brand recognition because of its major sponsorship deals.
FTX CEO Sam Bankman-Fried has solidified his status as the richest known individual in crypto with an estimated net worth of $16.2 billion.