- Binance invested in long positions in the platform’s native token FTT.
- FTX will assist in developing products and over-the-counter (OTC) trading desk.
Binance has recently bought equity in a derivatives platform, FTX. The crypto exchange giants invested in long positions in the platform’s native token FTT. Sam Bankman-Fried, FTX founder and CEO, said:
The investment will help accelerate the growth of FTX with support and strategic advisory from Binance while FTX maintains its independent operations.
As per Finance Magnates, FTX will assist in developing products, particularly the company’s flagship exchange Binance.com. It will also help in developing the over-the-counter (OTC) trading desk. FTX also intends to build out a suite of products complementary to tokenized ecosystems.
FTX was founded at the beginning of 2019. It was an incubation project of a digital asset research firm Alameda Research. Operating from the Caribbean islands of Antigua and Barbuda, FTX offers OTC, futures, indexes and spot trading. According to Binance, the exchange daily processes almost 1.5 billion dollars of trade volume. Binance CEO Changpeng “CZ” Zhao said in a statement:
The FTX team has built an innovative crypto trading platform with stunning growth. We see quite a bit of ourselves in the FTX team and believe in their potential in becoming a major player in the crypto derivatives markets.
Share
