Cryptocurrency exchange platform FTX is set to expand into Europe through an officially licensed investment firm. Its headquarters will be situated in Switzerland and licenses will be passport-able all over the geographical and economical boundaries of Europe. FTX has an additional regional headquarters in Cyprus.
Sam-Bankman Fried, the CEO and Founder of FTX, in an official statement, highlighted that the growth and evolution of the crypto space have resulted in the continuous hunt for an increased number of authorized and functional opportunities in the markets. He explained that the immediate result is the organic interaction with regulators in several nations of the continent. It includes the unassailable ecosystem to operate and trade in crypto.
Patrick Gruhn, the head of FTX Europe, said CySEC officially approved their domain. He pointed out that Europeans will be able to use FTX’s best-in-class trading platform to invest in a wide range of cryptocurrencies derivatives via regulated investment firms.
FTX’s expansion into Europe comes after its fundraising Series C round of $400 million, which was backed by the Soft Bank, Tiger Global, and Paradigm including others. This funding round boosted the crypto exchange company to a valuation of a whopping $32 billion. FTX’s US wing has received massive support and appreciation. Its user base hit one million while competing with Robinhood.
FTX CEO shared that the company intends to contest with fellow crypto exchange rivals. Sam-Bankman Fried says FTX has a long way to go despite an impressive rise of nearly 60% since October 2021.