FTX has raised $400 million in a Series C funding round that values the cryptocurrency exchange operator at $32 billion.

Temasek, Paradigm, Ontario Teachers’ Pension Plan Board, NEA, IVP, SoftBank Vision Fund 2, Lightspeed Venture Partners, Steadview Capital, and Tiger Global participated in the round.

News of the raise comes shortly after the company’s FTX US subsidiary closed its own $400 million round at an $8 billion valuation.

While crypto prices have tanked in recent weeks, FTX says it has seen its userbase grow by 60% and its daily trading volume increase by 40% since a Series B-1 round in October.

The firm also recently launched FTX Ventures, a $2 billion venture fund created to advance global blockchain, cryptocurrency and Web3 adoption.

Sam Bankman-Fried, CEO, FTX, says: “This round will support our continued mission of delivering innovative products and services to the marketplace as well as expanding our global reach with additional licenses around the world.

“With the ongoing support from our dedicated investors and userbase, FTX will look to continue interacting with regulators to facilitate access to digital assets in a safe and compliant manner.”

On Twitter, the company highlighted a tweet noting that it is now worth more than Credit Suisse, Deutsche Bank and Nasdaq, adding: “They may have 47,000 employees, but we have 1 Gary.”

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