FTX has just announced its arrival in Europe. After obtaining approval from the financial regulator in Cyprus and opening a headquarters in Switzerland, the exchange has inaugurated its European branch, FTX Europe. The announcement is part of the company’s strategy of expansion and rapid growth, which has recently been raising funds.
FTX announces the creation of FTX Europe
FTX, the fast-growing cryptocurrency exchange platform, has announced its arrival in Europe. In a press release issued on March 7, 2022, the exchange revealed the creation of an entity dedicated to the European continent, FTX Europe.
As part of its expansion into Europe, the platform has obtained approval from the Cyprus Securities and Exchange Commission (CySEC), the financial regulator of Cyprus. The island’s jurisdiction allows the exchange to offer its services to the entire European Economic Area.
FTX has also established a head office in Switzerland, in addition to the regional office on Cypriot soil. The Swiss headquarters will be reserved for the European entity, which will offer “FTX’s core products and services to European customers.”
The wording of the press release suggests that some of the exchange’s services will not be offered to the European market. This includes leverage, which is highly scrutinized by financial regulators.
“We are excited to launch our European operations in a regulated manner […] As we continue to grow, we are constantly looking for opportunities to be appropriately licensed and regulated in all markets we launch in,”
says Sam Bankman-Fried, CEO and founder of the exchange.
FTX continues to expand following several fundraisings
This announcement is further evidence of FTX’s rapid growth. Already established in the U.S. through FTX.US, the company founded in 2019 has recently launched internationally.
As part of that strategy, FTX acquired Liquid Group and its subsidiaries, including Quoine. With the acquisition of this Japanese fintech, FTX will be able to offer its services to Japanese investors, both retail and institutional.
In order to carry out its projects, the platform has raised a lot of funds over the last few months. The latest round of funding was in early February. During this round, FTX raised an additional $400 million from investment funds such as Paradigm, Tiger Global and SoftBank. FTX is now valued at $32 billion.
At the same time, the exchange has not skimped on advertising. Mirroring several competitors, such as Crypto.com, Bitstamp or Coinbase, FTX has moved closer to the world of sports to make itself known to the general public.
As part of a multi-year agreement, the platform has become the official partner of one of the largest sports organizations in the United States, Monumental Sports & Entertainment (MSE).
