After receiving approval from the Cyprus Securities and Exchange Commission (CySEC), the spot trading exchange and global crypto derivative platform FXP is going to expand their business in Europe. The name of this new venture is FTX Europe, and it will offer the leading FTX products to the European market using a licensed investment firm over the European economic region. FTX Europe will be headquartered in Switzerland and will offer FTX products and services all over Europe, including crypto derivative services.
FTX Europe will also have a regional headquarter in Cyprus. The Republic of Cyprus, as its official name suggests, is a small country located in the eastern Mediterranean Sea and is considered as one of the well-known dominions that provide a regulated medium to the financial companies to do business in the European economic market. Last year Binance had to shut down all of its crypto derivative products last year, but in this case, FTX would be able to promote its entire range of financial and derivative products, which is a major breakthrough.
Sam Bankman Fried had said that FTX Europe would focus on interacting with the regulators and offering a secured and safe environment as well as a platform for trading crypto products. The exchange platform also claimed that their planned launch in Europe in a regulated method would boost their expansion further in the European market. To create a safe and dependable ecosystem for trading crypto, the firm will interact with the regulators of several countries across Europe.
The current value of the FTX global crypto exchange platform is US 32 billion dollars, and the company is also looking forward to diversifying its business in newer regions and, at the same time, building and financing young crypto ecosystems, including the likes of play-to-earn and GameFi. The exchange platform has also recently announced a US 2 billion investment to support the development of Web3 in several fields such as fintech, healthcare, gaming, software and social.