FTX has announced its expansion plans after receiving approval from regulators in Southern Cyprus. The exchange has prepared a roadmap in which they plan to offer products to European customers in the economic field. The exchange will offer its products to its customers through a licensed investment firm. FTX TokenDespite the published roadmap, the price continues to decline.
FTX’s new investment establishment will be headquartered in Switzerland. CEO and founder of FTX Sam Bankman-Fried He stated the following on the subject:
“We will continue to engage with regulators in various countries across Europe to continue to provide a safe and secure environment for people to trade crypto.”
Fans expected FTX’s expansion plans to positively impact the price of the exchange’s native token, FTX Token. However, after the news of the expansion, the FTX price remained on a downward trend.
FTX exchange Recently, Terra’s native stablecoin listed UST, adding it to the list of supported cryptocurrencies, further increasing demand among investors.
On the other hand, the exchange has a very large user base, expansion plans in the US and Europe could increase the number of traders on its platform. This could drive greater adoption of the native token FTX. Analysts evaluated the FTX price trend and offered a bearish outlook.
Analysts predict little improvement in the price of FTX over the next few weeks as Russian-Ukrainian conflicts escalate. The FTX price has lost 1.5% in the last 24 hours. Analysts believe that the price of FTX could drop further amid the crypto market dips.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.