Binance backs crypto derivatives exchange FTX

Binance backs crypto derivatives exchange FTX

Leading cryptocurrency exchange Binance has made a strategic investment in crypto derivatives exchange FTX. The details of the investment have not been disclosed.

In addition to the equity investment, Binance has also taken a long-term position in the FTX Token (FTT) to support the sustainable growth of the FTX ecosystem. FTT has also been listed on Binance.

Commenting on the investment from Binance, Sam Bankman-Fried, Founder and CEO of FTX, said:

“The investment will help accelerate the growth of FTX with support and strategic advisory from Binance while FTX maintains its independent operations.”

In its press release, Binance said that it will also team up with FTX to further develop the cryptocurrency ecosystem. As part of the partnership, FTX will help build out the liquidity and institutional product offerings across the Binance ecosystem, including its flagship exchange, and over-the-counter (OTC) trading desk.

Founded in early 2019, FTX is a provider of professional derivative trading products including quarterly and perpetual contracts on multiple crypto assets, leverage tokens, and OTC services. FTX currently has an average daily trading volume of nearly half a billion US Dollars, the release said.

FTX is also developing a wide range of products that will help give users access to an entire tokenized ecosystem. It will collaborate with Binance to develop these products.

“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, Binance CEO.

Earlier in September, Binance made an investment in Mars Finance, a Chinese cryptocurrency and blockchain-focused news website. It has also acquired JEX, a Seychelles-based crypto-asset trading platform that offers spot and derivatives trading services.

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