FTX Token FTT/USD is the native exchange token that is used within the entire FTX ecosystem.
It serves the role of collateral for future positions, and users can get discounts on trading fees while also receiving OTC rebates.
The new funding round as a catalyst for growth
On Thursday, October 21, FTX announced that they raised more funds in a Series B-1 financing round. In fact, they raised $420 million from 69 different investors.
According to this announcement, FTX said Sea Capital, IVP, ICONIQ Growth, Temasek, Sequoia Capital, Tiger Global, Ribbit Capital, and Lightspeed Venture Partners and others participate in the latest financing.
This is an addition to the $900 capital raise they had in July, and FTX said that Temasek participated in the Original Series B round and pushed the raise up to $1 billion.
With all of the funding 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, and it revealed that it recently established its global headquarters in the Bahamas.
FTX also secured licenses in the island territory and adopted the Bahamas and Gibraltar’s regulatory policies.
This will surely grow FTX to a new level, and as such, the FTX Token (FTT) has the potential for growth as well.
Should you invest in FTX Token (FTT)?
On October 22, FTX Token (FTT) had a value of $64.38.
To get a better perspective as to what kind of value point this is for the token, we will be comparing it to its all-time high value as well as its performance in September.
The all-time high value of FTT was on September 9, when the token reached a value of $84.18. This means that the token was $19.8 higher in value at its all-time high value, which is an increase of 30%.
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 by 42%.
That said, from September 29 to October 22, the token raised its value by $16.23 or by 33%, which showcases more potential for growth.
According to data from IntoTheBlock, The FTX Token (FTT) saw $396.86 million in transactions greater than $100,000 within the span of the last seven days.
That said, within the last seven days, FTX Token saw $70.93 million in total exchange inflows as well as $70.02 in total exchange outflows.
By the end of October, the FTX Token (FTT) has the potential to reach $70.
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