Crypto exchange FTX begins to expand in Europe

alejandrafez

Trading giant FTX has announced on Monday that it will expand its empire in Europe after getting approval from financial regulators in Cyprus.

According to a press release, the crypto exchange will start offering its products to European clients through an authorized investment firm with passport licenses throughout the European Economic Area. The new entity will be based in Switzerland.

“As we continue to grow, we are constantly looking for opportunities to become properly licensed and regulated in each market we enter,” said CEO and Founder Sam Bankman-Fried. “We will be engaging with regulators in various countries across Europe to continue to provide a safe environment for people to trade cryptocurrencies.”

Source: Yahoo Finance

Its expansion intent follows an excellent fundraising round announced in late January: a $400 million Series C that valued the crypto exchange operator at $32 billion. That funding announcement came less than four months after FTX raised a $25K million valuation and just days after its US subsidiary FTX.US announced it had raised an $8bn valuation.

FTX’s US business has caught the attention of the financial press after growing its user base to 1 million and hinting at ambitions to go after household names like Robinhood with its own stock trading feature.

Your marketing budget likely played a part in that success. FTX.US owns the naming rights to the Miami Heat stadium and is the official sponsoring cryptocurrency exchange of Major League Baseball.

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