Is FTT worth buying as FTX is carrying on with expansion?

FTX FTT/USD is a cryptocurrency derivatives exchange that supports the most commonly traded cryptocurrencies. 

The exchange offers leveraged tokens, futures, options, spot markets, and a lot more.

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FTT is the native cryptocurrency token of the exchange that is used as collateral for future positions and for giving its holders discounts on trading fees. 

The expansion in Japan as a catalyst for growth

On May 20, 2022, we covered how FTX introduced stock trading and went over how that could impact the value of FTT. 

On June 2, 2022, the exchange made an announcement that it had launched FTX Japan as a means of providing its services to customers located within Japan.

Sam Bankman-Fried is the CEO of FTX and will currently serve as the interim CEO of FTX Japan. 

FTX Japan, which operates through FTX Japan K.K., is a licensed Japanese cryptocurrency exchange services provider and a Type 1 Financial Instruments Business license holder.

It was formerly known as Quoine Corporation; FTX Japan K.K. was renamed following the acquisition of the parent company, Liquid Group Inc., by FTX.

Should you buy FTX Token (FTT)?

On June 3, 2022, FTX Token (FTT) had a value of $26.66.

To get a better perspective as to what kind of value point this is for the FTT cryptocurrency, we will be going over its all-time high point of value, as well as its performance throughout the previous month.

The all-time high of the FTX Token (FTT) cryptocurrency was on September 9, 2021, when the token reached a value of $84.18.

When we go over the performance of the token throughout the previous month, FTX Token (FTT) had its highest point of value on May 5 at $39.72.

Its lowest point of value was on May 28 at $26.4. This marked a decrease in value of $13.32 or 33%.

However, with the expansion to Japan and the overall expansion plans that the exchange has as a whole, we can expect FTT to climb in value to $35 by the end of June 2022 as the token sees a higher level of utility.

Where to buy right now

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*Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.