The crypto exchange FTX is expanding to Europe after receiving approval from the Cyprus Securities and Exchange Commission (CySEC).
FTX Europe, the new venture, would offer the company’s leading products to European clients through a licensed investment firm across the European economic area. The new European venture is based in Switzerland and has a regional office in Cyprus.
The FTX Europe appears to be the European equivalent of FTX US, which was launched to American users in 2020 and now has an $8 billion valuation after raising $400 million in January.
According to Sam Bankman Fried, their new venture will “interact with regulators in various countries across Europe to continue to provide a safe and secure environment for people to trade cryptocurrency.”
The global crypto exchange, which is currently valued at $32 billion, intends to expand its scope of services to new regions and fund and build nascent crypto ecosystems such as GameFi and play-to-earn.
FTX announced a $2 billion venture capital fund to support Web3 development in the gaming, fintech, software, and healthcare industries.