Cyprus Securities and Exchange Commission (CySEC) is an authority in economic transitions. It has recently approved the expansion of FTX.
FTX is a name, planning to expand in Europe – it is a spot trading and crypto derivatives exchange. FTX aims to expand and offer many progressive technology products to the European market. There is, right now, a gap in this market. The major player Binance stopped all their operations in Europe last year.
More about FTX
FTX Europe will be able to offer products via an investment firm – selling derivative crypto. FTX is headquartered in Switzerland. It aims to offer a safe and standard exchange for crypto and digital assets to flow. This is also the need of the market.
With the rising investment in cryptocurrencies and the preferences towards blockchain technology, there is a need for proper exchanges. FTX is currently valued at around $32 billion. This makes it a good, credible player in the market.
In order to expand the base into Europe, additional funds are needed. FTX has announced a $2 billion venture capital fund for the same. This fund will aid in Web3 services. The focus is on gaming, fintech, healthcare, and social verticals. It would be interesting to watch this play out – given that Europe is indeed a growing market for digital assets.
The Technology climate
Blockchain technology is indeed revolutionary, and with DAOs, and Defi, there is a lot more to explore. FTX hopes to provide a unified platform for multiple things. It might venture individually into gaming, and other less-explored web3 services. The prime focus remains on having a grand crypto exchange platform.
Sources:
https://www.businessinsider.in/investment/news/sam-bankman-frieds-ftx-crypto-exchange-to-expand-into-europe-after-winning-cyprus-license/articleshow/90057982.cms
https://www.investing.com/news/cryptocurrency-news/ftx-expands-to-europe-with-cysec-approval-2779254
https://decrypt.co/94511/crypto-exchange-ftx-announces-expansion-europe
