In less than three years of its existence, a centralised cryptocurrency exchange firm, FTX, said it has obtained a valuation of $32 billion.
The company disclosed this in its third year anniversary in Lagos.
FTX is a the native token designed for the cryptocurrency derivatives exchange FTX with numerous uses designed to benefit users and increase network effects around the platform.
Business Development Manager, of the company in Africa, Mr. Adebayo Juwon, said FTX is the most licensed crypto in the world both in the US, Japan, Europe and the United Africa Emirate, UAE.
“In less than three years, FTX has obtained a valuation of $32 billion, has six million registered users and also in 200 countries across the world.”
Also, to ensure that countries in Africa including Nigeria thrive in the crypto market, Juwon also called on the Federal Government to license the market.
He said: “The reason the rate is low in Nigeria and other African countries is because governments are not providing the regulatory frameworks.
“If there could be a framework where crypto exchanges can be licensed it would be nice, and I am sure, we will be tagged along.
“It is the first regulated exchange offering crypto derivatives in the US, licensed to offer products and services in dozens of jurisdictions worldwide and fully-money laundering/know-your-clients suite.
Explaining unique features of the platform, he said: “FTX has low trading fees, sign up and trade in less than three minutes, cross-margining across all products and more than 260 cryptocurrencies supported.
“The innovative products include spot, volatility products, tokenises stocks, FTX pay and FTX. We are here for everybody. It’s not just for some people, it’s for everybody.”
Also, offering advice to the federal government on the ways to make elections in Nigeria credible, Special Assistant to the Oyo State Governor on ICT, Mr. Bayo Akonde advised the federal government to begin to think about adopting blockchain technology.
Akonde explained that blockchain is a public record saved online that anyone can see, and cannot be tampered with.