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Important events

Mar 172022

FTT marks another territory

Crypto exchange FTX is getting ready to tackle the African market, where apparently there’s a lot of room to grow.

🔍 Key points:

  • FTX has linked up with African fintech AZA Finance. AZA started the continent's first digital currency exchange, and offers payments and financial services to 10 African markets.
  • Apparently there’s a massive gap in the crypto market in Africa, which has the smallest cryptocurrency economy in the world – it’s also the third-fastest growing market though, expanding over 1,200% last year, so there’s loads of room to grow.
  • Africa isn’t the only place FTX is trying to infiltrate. The exchange has been using its new $32bn price tag to make a dent in global markets, having just received regulatory approval to build a regional HQ in Dubai. Where will it visit next?
Hu Chen / Unsplash

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Mar 102022

An all Access pass

Crypto platform FTX is focusing on institutional investors, and it’s poaching Coinbase staff to do it.

🔍 Key points:

  • Get ready everyone, because FTX Access is on its way. The new division is entirely devoted to providing institutional investors with a one-stop service platform that includes initial provisioning advisory, trade execution and analytical tools.
  • Institutional users make up two-thirds of FTX’s trading volume, so it makes sense. As the industry becomes more mainstream, institutions have been paying attention, and rival platforms like Coinbase have released similar features – perhaps that’s why former Coinbase exec Gustavo Miguel was picked to lead the new unit.
  • The exchange has been making all sorts of moves lately, recently launching a brand new gaming business and appointing Lauren Remington Platt as its new head of global luxury partnerships – a move that promises an upcoming entrance into the $300bn high-end fashion biz.
Ivan Liu Hu / Unsplash
Mar 082022

FTX takes a trip to Cyprus

Trading giant FTX uses its new $32bn valuation to continue its world tour, now with plans to expand into Europe.

🔍 Key points:

  • The platform has gotten approval from regulators in Cyprus to set up shop in Europe. Cyprus is a member of the EU and licenses granted there are passportable, so FTX is setting up headquarters in Switzerland and another base in Cyprus – though it plans to service customers across the continent.
  • This will be FTX’s second affiliate office. Its U.S. branch has quickly risen through the ranks after opening in 2019, and the exchange has now become the seventh largest in the world. The expansion is fresh off a $400m funding round, the cash from which will help push into the new market.
  • Its native FTT token is attracting the attention of Ethereum whales, overtaking Shiba Inu as the second most held cryptocurrency after Ether by the top 1,000 Ethereum wallet addresses.
Secret Travel Guide / Unsplash
Feb 222022

FTX gets into gaming

Crypto exchange FTX releases a new platform to try and make sure it’s a main character in the gaming world.

Key points:
  • FTX is launching a new gaming business. The new platform, dubbed FTX Gaming, will provide a “crypto-as-a-service” platform that aims to help gaming studios integrate NFTs and blockchain tech into their games.
  • It says that “gaming is an exciting use case for crypto” and will help with mainstream adoption. It comes after FTX announced a $100m GameFi ecosystem fund in partnership with Solana Ventures and Lightspeed Venture to promote a Web3 gaming initiative.
  • Its native token is up 3.5% in early Tuesday morning trading, snapping a six-day losing streak that wiped over 15% off its value.
Illustration by TradingView
Feb 042022

Asian domination

FTX is using its shiny new $32bn valuation to expand into Japan as it tries to take the Asian crypto market throne.

Key points:
  • It’s buying Japanese rival Liquid, which is one of the world’s biggest crypto exchanges by volume and boasts Quoine as one of its subsidiaries, which is one of the first crypto exchanges ever to register in Japan.
  • Crypto is growing at a crazy rate in Asia, and so the competition for who will lead these new HODLers is heating up as well. A bunch of exchanges are choosing Asia as their new base – but FTX wants to be the best.
  • The acquisition comes hot on the heels of a $400m funding round that gave it a $32bn valuation, and Asia isn’t the only place it's investing the moola – founder Sam Bankman-Fried says it wants a license to operate in as many countries as poss.
Lin Mei / Unsplash
Feb 012022

FTX ups its game

Crypto exchange FTX is looking awfully attractive after its latest funding round, and its native token is enjoying showing off the new look.

  • The FTT token surged 10% in 24 hours on Monday, building on last week’s 14% gains.
  • FTX has officially hit an eye watering $32bn valuation after it raised $400m in its latest funding round. It’s now raised over $2bn in the last six months and boasts a higher price tag than some traditional financial companies like Deutsche Bank (DBK).
  • Last week, its sister platform FTX US announced an $8bn valuation after a $400m funding round. Both have drawn significant blue chip investments, proving the traditionalists are ready for the new frontier and that crypto still has an arena of bulls out there despite its recent pullback.
Illustration by TradingView