Why is FTX Token (FTT) rising?

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Why is FTX Token (FTT) rising?

FTX Token (FTT) crypto
Image source: © Rokas91 | Megapixl.com
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%.

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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.

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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.

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FTX Token (FTT) crypto price and performance                                              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.

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