Binance Invests in Crypto Derivatives Exchange FTX, FTT Soars with Listing

  • A strategic investment to build out the liquidity and institutional product offerings on Binance.com, OTC trading desk, and across Binance ecosystem
  • Binance lists FTX Token, FTT price surges
  • Binance receives a portion of FTT as part of the investment, the majority of Binance’s FTT locked for over two years

The leading cryptocurrency exchange Binance has made a strategic investment in the cryptocurrency derivatives exchange FTX, announced the exchange on Dec. 20.

“The FTX team has built an innovative crypto trading platform with stunning growth. With their backgrounds as professional traders, we see quite a bit ourselves in the FTX team and believe in their potential in becoming a major player in the crypto derivatives markets.“ said Changpeng Zhao (CZ), Binance CEO.

Founded in early 2019, FTX offers derivative trading products on cryptos assets, average tokens OTC services with an average daily trading volume of nearly half a billion dollars.

As part of this investment, the derivatives exchange will work with Binance to build out the liquidity and institutional product offerings on Binance.com, over-the-counter trading desk and across the Binance ecosystem.

“The investment will help accelerate the growth of FTX with support and strategic advisory from Binance while FTX maintains its independent operations,” said Sam Bankman-Fried, Founder and CEO of FTX.

In addition to equity investment into FTX exchange, Binance has also taken a “long-term position in the FTX token (FTT) to help enable the sustainable growth of the FTX ecosystem.”

FTX jumped 9% after Binance listed the token on its exchange and currently trades at $2.14, as per Coincodex.

The trading for FTT/BNB, FTT/BTC and FTT/USDT trading pairs was opened at 2019/12/20 3:00 AM (UTC) and deposits for FTT are now live.

In its official listing announcement, Binance also disclosed that it has received a portion of FTT from the investment in FTX. The majority of Binance’s FTT, however, will be locked for more than a two year period.

Also Read: FTX Slapped with $150 Million Lawsuit For Market Manipulation, Selling Unlicensed Securities In The US

FTX Coin (FTT) Live Price

1 FTT/USD =$0.0007 change ~ -6.03%

Coin Market Cap

$443.11 K

24 Hour Volume

$57

24 Hour VWAP

$0

24 Hour Change

$0.0000

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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