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.
— moon (@MoonOverlord) December 20, 2019
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.