The Canadian pension fund previously backed FTX and its U.S. affiliate in earlier fundraising rounds. Other big-name investors in the Series C included Tiger Global, SoftBank Vision Fund 2 and Lightspeed Venture Partners. (The Logic)

Talking point: Despite a rout in crypto markets in the last few months, FTX managed to increase its valuation by nearly a third, after raising about US$420 million at a US$25-billion valuation in October. The company said that since then, it has grown its user base by 60 per cent and its average daily trading volume by 40 per cent, to a total of roughly US$14 billion per day. FTX isn’t the only crypto company backed by a Canadian pension fund: last year, the Caisse de dépôt et placement du Québec co-led an investment in Celsius, a company that has since had brushes with regulators. Despite the Teachers’ investment, FTX is not available in Ontario, where securities regulators have cracked down on international exchanges that haven’t complied with the province’s rules on crypto trading.