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FTX Plans to Expand Operation Centres in US

UTC by Oluwapelumi Adejumo · 2 min read
FTX Plans to Expand Operation Centres in US
Photo: Unsplash

In the interview, Bankman-Fried lauded the recently launched Bitcoin futures ETF listed on the New York Stock Exchange.

New things could be coming from FTX soon, especially to the US region, as the exchange CEO Sam Bankman-Fried disclosed in an interview the plan to expand in the country. He also lauded and tagged the availability of Bitcoin futures exchange-traded funds (EFT) in the country as a huge step forward.

Presently, the exchange’s offices are currently limited to a few cities in the US, such as Chicago, Miami, and others. FTX plans to expand its operations to other parts of the country where its crypto exchange is unavailable.

However, Bankman-Fried indicated that licensing and regulations are the greatest obstacles affecting FTX operation in the country. He added that exchange is willing to be cooperative with appropriate bodies to get regulated. “We’re excited to work with the [Commodity Futures Trading Commission], excited to work with the SEC and with other regulators to figure out how we can have fully regulated and licensed market activity in the United States,” said he.

In the interview with CNBC, Bankman-Fried lauded the recently launched Bitcoin futures ETF listed on the New York Stock Exchange under the ticker $BITO as a step forward. The said EFT belonging to ProShares firm set a record on its debut on Tuesday, rising more than 4 percent within a day.

In the crypto space, FTX is well recognized. Following its recent funding round, its value rose to $25 billion. It offers investment firm services to companies like Tiger Global, Softbank, and Pension funds and its CEO was recently valued in the Forbes wealthiest list, with a $22.5 billion net worth.

In its latest funding round, the exchange raised around $420 million from nearly 70 investors. While announcing the amount raised recently, the CEO disclosed the proceeds would be utilized for acquisitions and investments. “The biggest use of the investment proceeds is more likely to be acquisitions and investments, there are a number more than we’re looking at.”

In related news to FTX, the international crypto-exchange recently gave away a T-Shirt to spectators at its FTX Arena NFT, plus a $500 in crypto.

It is worth adding that NFL star Tom Brady and model Giselle Bundchen are big-time players to FTX advertisements.

Business News, Cryptocurrency news, News
Oluwapelumi Adejumo

Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.

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