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FTX Plans to Open Establishment in Europe

UTC by Sanaa Sharma · 2 min read
FTX Plans to Open Establishment in Europe
Photo: Depositphotos

The move to expand comes after a massive fundraising (Series C) round of $400 million that valued the crypto exchange at a whopping number of $32 billion.

Bahamian cryptocurrency exchange FTX has announced an expansion of its company to the region of Europe. The news follows a recent deal that was struck after confirmation from financial authorities in Cyprus.

According to the announcement via a press release, the 2-year-old cryptocurrency exchange giant will begin supplying its products to European customers through an officially licensed investment firm. The licenses will be passport-able all over the geographical and economical boundaries of Europe. The newly-founded headquarters will be situated in Switzerland.

In a statement given out to the public, Chief Executive Officer and Founder Sam-Bankman Fried explained that the growth and evolution of cryptocurrency space have resulted in the continuous hunt for an increased number of suitably authorized and functional opportunities in markets. The immediate result of the establishment of a subunit in the European market is the organic interaction with the regulators in several nations of the continent, as well as the unassailable ecosystem to operate and trade in crypto.

The move to expand comes after a massive fundraising (Series C) round of $400 million that valued the crypto exchange at a whopping number of $32 billion. Not long ago, there was an announcement of FTX raising its valuation to $25 billion. While the venture capitalists seem to be very happy with FTX.US’s work in the past, most of the participants for the round included SoftBank, Paradigm, Tiger Global, and Ontario Teachers’ Pension Plan Board.

Particularly, the FTX.US wing of the crypto giant has received massive support and appreciation from the audiences. It has been a centerpiece of attraction after its userbase hit the 1 million while competing openly with the very famous American crypto exchange Robinhood. FTX.US is also known for its innovative ideas for publicity. Not only does it flaunt naming rights over the super famous Miami Heat Stadium, but was also in the news recently for the premiere of its Super Bowl Advertisement.

Impressively, for the future, according to billionaire trader and entrepreneur Sam Bankman-Fried, the company has very distinct plans to contest with the other exchange rivals. Even with an impressive rise of almost around sixty percent since October, FTX has a long way to go. While it enjoys a decent fraction of the crypto trading market in Bitcoin futures trading, it is yet to beat the famous crypto giants like Binance, OKEx, Bybit in terms of volume.

Business News, Cryptocurrency news, News
Sanaa Sharma
Author Sanaa Sharma

Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.

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