FTX Exchange creates subsidiaries in Gibraltar and the Bahamas, should you buy FTT?

By: Milko Trajcevski
Milko Trajcevski
Milko leverages his passion for cryptocurrencies and teaches investors something new each day. During his spare time, he loves… read more.
on Sep 21, 2021
  • FTX has expanded to two new jurisdictions.
  • They include Gibraltar and the Bahamas.
  • This news comes after FTX's native token, FTT, reached new heights.

FTX Token FTT/USD is the native cryptocurrency token used by the crypto derivatives trading platform FTX, which originally launched on May 8 of 2019.

The expansion in two new jurisdictions as a catalyst for growth

On September 6, FTX announced the launch of its NFT marketplace.

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On September 15, we saw Chiliz announce a partnership with FTX to list fan tokens. This indicated that FTX is growing rapidly in terms of size, ecosystem, and opportunities. 

FTX Exchange has made an announcement about the expansion of the cryptocurrency exchange through two subsidiaries. One will be in Gibraltar, while the other will be in the Bahamas. 

Furthermore, Zubr Exchange Limited, an owner and operator of ZUBR, which is a Gibraltar-based digital asset derivatives exchange, has been authorized by the Gibraltar Finance Services Commission to become a distributed ledger technology provider.

FTX Trading Limited has announced that its subsidiary FTX digital markets were recognized as a digital asset business under the Securities Commission of the Bahamas.

The CEO and Founder of FTX made regulations a key focus on the company’s expansion as of recently. 

However, this announcement came while the FTX token, FTT, hit its all-time high earlier this month. Let’s dive in and see if the FTT token is worth buying in September.

Should you buy FTX Token (FTT)?

On September 21, the FTX Token (FTT) had a value of $57.83.

To get a better perspective of what kind of value point this is for the token, we will be going over its all-time high value as well as its performance in August.

In regards to its all-time high value, FTT achieved a value of $84.18 on September 9. This gives us an indication that the token was $26.35 higher in value, or 45% higher at its all-time high.

The token’s lowest point was on August 4, where it fell to $34.60.

FTT’s highest point, however, was on August 13, where the token reached a value of $54.01.

Here, we can see that the token grew in value by $19.41 or by 56%.

According to data from IntoTheBlock, we can see that FTT saw $1.49 billion in transactions greater than $100,000 within the last seven days.

Additionally, within the last seven days, there were $72.93 million in total exchange inflows as well as $72.26 million in total exchange outflows.

That being said, based on all of this, the FTT token has a realistic chance of going over the $70 price barrier by the end of September, making it a worthwhile purchase.

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