As part of its attempts to grow its business in Europe, FTX, a leading cryptocurrency exchange, announced on Monday the opening of a new European affiliate, FTX Europe.
After receiving approval from Cyprus’ financial authority, CySec, the exchange made the statement. Following the permission, FTX Europe will begin providing services to users throughout Europe.
FTX Europe is the crypto exchange’s second affiliate. FTX US, the exchange’s American subsidiary, launched in May 2019.
Thus, FTX announced that it would begin selling its goods to consumers in Europe. With a licensed investment business having accreditable licenses all around Europe. Additionally, The new company will be based in Switzerland, with a second location in Cyprus.
The head of FTX Europe will be Patrick Gruhn, a partner at the Swiss law company Crypto Lawyers LLC. Gruhn discussed the new development. Europeans will now be able to invest in a wide selection of cryptocurrency futures using FTX’s best-in-class trading platform. This will be accomplished through the use of a regulated investing firm.
Meanwhile, Sam Bankman-Fried, the CEO and founder of the FTX exchange, had something to say about the company’s progress. As companies expand, they always lookout for ways to get properly licensed and regulated in each area entered. They’ll be interacting with regulators in a variety of European countries. This is to ensure that users may trade cryptocurrency in a safe and secure atmosphere.
Global Expansion
FTX is a Bahamas-based exchange that offers both futures and spot trading.
The Ontario Teachers’ Pension Plan Board, Temasek, Sequoia Capital, Sea Capital, IVP, ICONIQ Growth, Tiger Global, BlackRock, Ribbit Capital, and Lightspeed Venture Partners all participated in a $420 million fundraising round for the exchange in October of last year. FTX intended to use the funds to develop its product portfolio and enter new markets throughout the world.
Furthermore, the round of fundraising came just a few months after the company raised $1 billion in July 2021. The Bahamas-based company’s worth has risen to $25 billion as a result of this current fundraising round. Its status as a unicorn in the digital currency ecosystem has grown even stronger. The fresh funds enhances the company’s product portfolio and grow into new areas throughout the world, according to the company.
After extending its user base to one million, FTX’s US, the American subsidiary of crypto exchange FTX, has attracted notice. Last month, FTX’s US revealed intentions to offer stock trading to its platform, putting the company on a collision course with Robinhood.
FTX had been intending to introduce tools that would allow traders to read corporate fundamentals on their screens, get real-time price quotes, and follow the performance of their portfolios.
