FTX Token FTT / USD is the native exchange token that is used within the entire FTX ecosystem.
It fulfills the collateral function for future positions, and users can get discounted trading fees at the same time as receiving OTC refunds.
The new round of financing as a catalyst for growth
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On Thursday, October 21, FTX announced that they raised more funds in a Series B-1 funding round. In fact, they raised $ 420 million from 69 different investors.
Based on this announcement, FTX said that Sea Capital, IVP, ICONIQ Growth, Temasek, Sequoia Capital, Tiger Global, Ribbit Capital and Lightspeed Venture Partners and others are participating in the latest financing.
This is in addition to the $ 900 capital increase they had in July, and FTX said that Temasek participated in the original Series B round and increased the increase to $ 1 billion.
With all the funds raised so far, this puts the company’s valuation at $ 25 billion.
The company also noted that it averages around $ 14 billion per day in crypto asset trading volume, revealing that it recently established its global headquarters in the Bahamas.
FTX also obtained licenses on the island’s territory and adopted the regulatory policies of the Bahamas and Gibraltar.
This will surely grow FTX to a new level and as such FTX Token (FTT) also has growth potential.
Should you invest in FTX Token (FTT)?
On October 22, FTX Token (FTT) was worth $ 64.38.
To get a better perspective on what kind of point of value this is for the token, we’ll compare it to its all-time highest value, as well as its performance in September.
FTT’s all-time highest value was on September 9, when the token reached a value of $ 84.18. This means that the token was worth $ 19.8 higher than its all-time highest value, which is a 30% increase.
However, on September 29, the token fell to a value of $ 48.15, which was its lowest value point in September.
From its value on September 9 to its value on September 29, the token fell in value by $ 36.03, or 42%.
That said, from September 29 to October 22, the token increased in value by $ 16.23, or 33%, showing greater potential for growth.
According to data from IntoTheBlock, The FTX Token (FTT) recorded $ 396.86 million in transactions over $ 100,000 in the span of the last seven days.
That being said, in the past seven days, FTX Token posted $ 70.93 million in total trade inflows, as well as $ 70.02 in total trade exits.
At the end of October, the FTX Token (FTT) has the potential to hit $ 70.
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