Binance Invests In FTX Derivatives Platform.
The World Largest Cryptocurrency Exchange by volume, Binance, announced yesterday its strategic investment in the crypto derivatives exchange FTX.
According to an official blog post by Binance. It has invested an undisclosed amount in the fast-rising crypto derivative platform FTX, Binance has taken a long-term position in the FTX Token, while the derivatives exchange returns the favor by helping to build out the liquidity and institutional product offerings.
Binance’s CEO, CZ said that he believes this partnership will help both companies and that FTX is on its way to becoming a larger player in the cryptocurrency derivatives market:
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. We are pleased to have an excellent partner joining the Binance ecosystem and aim to grow the crypto market together. – Said CZ.
FTX Founded in 2019, By Sam Bankman-Fried, FTX is the brainchild of Alameda Research, a digital asset research firm. Situated in the Caribbean islands of Antigua and Barbuda, FTX provides four different types of trading. futures ,OTC, spot trading, indexes and . According to reports, the exchange has a daily trade volume of about $1.5 billion.
The firm will help in creating products, especially for Binance.com, also developing Binance over-the-counter (OTC) trading desk.
As a result of this partnership, FTX is sure to enjoy a boost in growth and also widespread adoption. Though Binance only made a minor investment on FTX, it, however, has a long term hold on its native token FTT.
CZ also praised the unique talent and professionalism of the FTX expert team of traders. The exchange is more than confident that it is on the right path.