Cryptocurrency exchange FTX reached a valuation of $25bn in a new funding round that includes heavyweights from traditional finance, such as the Ontario Teachers’ Pension Plan and funds managed by BlackRock.

FTX Trading, the exchange’s parent company, said on 21 October that it had raised just over $420m in the new round. The news came three months after FTX closed a previous round at a valuation of $18bn.