AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights:
- The FTX Token announced plans to expand its operations in Europe.
- FTX Europe will be headquartered in Switzerland.
- Patrick Gruhn will be the head of FTX Europe.
The cryptocurrency market appears to have bounced back from the recent crash due to the ongoing Russia-Ukraine turmoil.
At the time of drafting, the global crypto market cap rose 2.01% to US$1.74 trillion. Several cryptos have gained traction in recent weeks and FTX Token (FTT) crypto is one of them.
The FTT token was up over 3% at 3:40 am ET on March 8, while its one-day volume jumped more than 23%.
Also Read: Why is Immutable X (IMX) crypto rising?
What is FTX Token (FTT) crypto?
Launched on May 8, 2019, FTX Trading Ltd. is a crypto derivative trading platform. The team of the crypto exchange operator comprises some of the largest cryptocurrency traders who have struggled with the traditional crypto future exchanges.
The FTX platform claims to provide unique features like clawback prevention and a centralized collateral pool.
The ERC-20-compatible FTT is the native token of the FTX platform and can be listed on any spot exchange. The FTX Token was co-founded by Gary Wang and its current CEO, Sam Bankman-Fried.
Also Read: NEM to FNV: 5 gold stocks to hedge against Russia-Ukraine tensions
Why is FTX Token (FTT) is in a bullish phase?
Why is it rising?
The digital assets trading platform has a significant user base in the US, and now it aims to expand its operations in Europe and the Middle East. The company said it intends to start offering its services in these two locations.
FTX Europe would be offering its parent company's products and solutions to its European clients through a partnership with an investment firm. However, the company doesn't reveal the name of the firm.
The newly formed subsidiary will be headquartered in Switzerland, given the approval for operating from the Cypriot financial regulator CySEC.
Also Read: Women's Day: Nine crypto entrepreneurs climbing the ladder of success
Source: *Data provided by CoinMarketCap.com
Bottom line:
The crypto exchange operator has already a significant user base in the US, and its current expansion plan in Europe is expected to boost the numbers. In addition, it is anticipated that more investors will turn their focus on the platform's native token, FTT.
The token's total supply is 333.56 million, the maximum supply is 352.17 million, and the current circulating supply is 137.69 million. The FTT token gained 9.03% over the past 12 months.
Also Read: Why did Imperial Petroleum (IMPP) stock surge over 344% in a month?
Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instruments or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete, or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.
