FTT and BNB are the only centralized coins am bullish on. This is because of their position in the crypto exchange industry. FTX, the crypto exchange, is barely 3 years old but it’s has proven that it has come to be at the top and be the best in the industry.
The native token for the FTX exchange is FTT and the value of this token is strongly relative to the success of the exchange. So this means that any positive news from the company gives a positive value on the token. And we all know that, that is an area the FTX team has been killing. I won’t bore you by naming all their partnerships and acquisitions because I know it’s something you must have been familiar with. But trust me they are a lot.
Few months ago, FTX organized a fund raising, where $900 Million was raised and the company was valued to be worth $18 Billion. But that was just about 3 months ago, the company has seen lots of growth since then. The company opened an NFT market place afterwards where people can mint NFTs and also allowed the deposit and withdrawal of Solana based NFTs. This added more utility to FTX and their token,FTT. After this decision the platform got a substantial amount of user growth that ranged to more than 40%. Just do the maths, this means that more people means more transactions and more transactions means more trading volume.
The company was able to get 69 investors who invested their funds in their series B funding, causing the company to raise $420 million in funding. Sam Bankman-Fried has been trying to be in the regulatory’s good book for a long time because they don’t want to be in Binance’s position. This influenced FTX relocation from Hong Kong to Bahamas because Bahamas was much more crypto friendly. source
This year was a regulatory scrutiny year for Binance. The regulations were after Binance from every corner and this caused a lot of chaos for the company. It disorganized their plans for the year as they focused most of their attention into getting regulatory clarification.
The progress and the news has influenced my decision into considering buying more FTT. Although am in regrets for selling my FTT tokens few weeks ago because I was hoping it was going dip, but it didn’t. Instead the company kept on coming up with more bullish news.
NFA