The cryptocurrency market has seen quite a few ups and downs in just a month and this crash was led by Bitcoin after the currency started its downward journey from the $45,000 range and hit a bottom at $38,000. This price movement affected altcoins as well and among these altcoins, the FTX token (FTT) too went through some shaky price movements.
However, today where the market is showing a mixed signal, the FTX token (FTT) stands tall waving a green flag. At the press time, the FTX (FTT) Price is trading at $40.55 with an upside of 3.12% over the last 24hrs.
FTX To Be Launched On Coinshares
Europe’s largest digital asset manager, Coinbase has announced that it will launch a new exchange-traded product that will directly track the FTX token (FTT) and this is in partnership with FTX exchange.
The exchange-traded product (ETP) is set to be launched on Germany’s Xetra exchange and the function will start with a seed capital of about $40 million. This is the second ETP launch of Coinshares and FTX. At the beginning of 2022, there was an unveiling of a physically-backed Solana ETP by Coinshares & FTX exchange exposing SOL staking rewards for investors.
FTT To See Institutional Demand?
This new ETP will help investors in investing in FTT much easier. The FTT tokens will be introduced to Equity-focussed investors without actually buying the tokens and this will in turn attract institutional traders who are looking forward to gaining exposure to FTT tokens.
FTT tokens are mainly used to support transactions on the FTX exchange and FTT price movements also provide some of FTX’s trading volume.
This new FTT product of Coinshares is the fifth crypto concern launched in 2022. This ETP launch announcement comes in the midst of growing institutional interest among tokens.