FTX Is Making A Move To Expand Into The European Market

The crypto exchange FTX announced that it has plans to expand into Europe after securing approval from financial regulators in Cyprus.

FTX, through a new Switzerland-based entity, will start offering its products to European clients via a licensed investment firm with passportable licenses across the European economic area, according to a press release.

Sam Bankman-Fried, the Founder and CEO of FTX said:

“As we continue to grow, we are constantly looking at opportunities to become appropriately licensed and regulated in every market we enter. We’ll be interacting with regulators in various countries across Europe to continue to provide a safe and secure environment for people to trade crypto.”

Beginning of this year, FTX raised a $400 million Series C that valued the crypto exchange-operator at $32 billion. The announcement came less than four months after FTX raised at a $25 billion valuation and just a few days after its US affiliate FTX.US announced that it had raised at an $8 billion valuation.

FTX has user base of 1 million and it has toyed with the idea of going after Robinhood with its own stock trading feature.

On of the key factors to FTX’s success is its massive marketing budget. FTX.US owns the naming rights to the Miami Heat stadium and it is the official crypto exchange sponsor of Major League Baseball.