Crypto derivatives exchange FTX bags investment from Binance

Crypto derivatives exchange FTX bags investment from Binance

World’s largest cryptocurrency exchange by trade volume Binance unveiled a win-win investment in crypto derivatives exchange platform FTX today with an aim to further growth and development of the cryptocurrency ecosystem.

FTX has perpetual and quarterly futures for almost all leading cryptocurrencies along with the options to leverage tokens and best-in-class over the counter services. The next-generation crypto derivatives exchange FTX boasts of a platform that is built for its trader by its traders. Besides offering a robust and secure platform for seasoned cryptocurrency investors, it also provides user-friendly and straightforward trading options for those who just ventured into space.

Today, FTX achieves around five hundred million US dollars ($500 million) in daily trade, making it the seventh most-significant Bitcoin futures exchange.

Binance puts its money on crypto derivatives exchange FTX

Thus, in its bid to acknowledge its contribution to the crypto community and the potential it has, one of the most influential names in the crypto industry, Binance has decided to own a minority stake in this promising firm. Besides the equity investment, the exchange giant also has a long-term hold on FTX’s native token FTT, in an attempt to facilitate sustainable growth and development of the FTX network, which also forms the basis of this collaboration.

Shedding more light on the partnership, Binance CEO and founder, Changpeng Zhao, stated in the company’s official announcement the FTX team’s crypto derivatives exchange shows incredible growth potential. Given the exceptional talent and expertise of its professional team of traders, Binance is confident that the firm is on the right track and has the potential to make a substantial contribution towards the progress of the crypto derivatives industry, Zhao asserted.

Earlier this month, the cryptocurrency giant acquired India’s most successful cryptocurrency exchange, WazirX, and enabled Indian users to trade on the platform with INR deposits and withdrawals.

Wei Zhou, Binance CFO, mentioned in the statement that the organization is continually seeking ways to improve the products and services to attract a larger segment of customers. The above-stated acquisition and the FTX investment are ways to ensure that it stays on the top of its game considering the extremely competitive nature of the existing crypto-exchange segment, Zhou clarified.

Meanwhile, CEO and Founder of FTX, Sam Bankman-Fried, explained what this partnership means to him and the firm. Binance is a renowned industry player, and because it has by far the most crucial say in the derivatives industry, FTX is more than happy to welcome their expertise, experience and ideas on board.

Bankman-Fried also clarified that although FTX will operate independently, it will value and incorporate inputs from its investor partner for its overall growth.

Featured Image by Pixabay

Manasee Joshi

Manasee Joshi

An avid reader and an enthusiastic writer, Manasee recently chose to dedicate her time doing freelance writing. A degree in English literature and experiences in Administration, HR, finance, literature, creativity and innovation tucked under her belt, she crafts engaging and compelling content for crypto and blockchain audience.

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