FTX is a cryptocurrency derivatives exchange that is quickly establishing itself in an ever-expanding segment of the crypto trading market.
The exchange has generated a significant amount of positive sentiment among the crypto trading community and already boasts high daily trading volumes. This is quite impressive due to the relative youth of the platform, and the fact that FTX is unavailable to anyone based in the US.
The exchange launched in May 2019, and provides its users with access to a range of innovative trading products including Bitcoin options, over 45 leveraged tokens, 20 perpetual swaps, MOVE contracts, and prediction markets.
The exchange also provides access to regular spot trading and supports transfers in fiat and a range of cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and a selection of stablecoins. FTX aims to cater for both retail and institutional traders and provides a range of products and services aimed at more dedicated traders.
The platform also provides an OTC service for anyone interested in making large crypto purchases, while the mobile app suits anyone who likes to keep up with their accounts while on the go.
Who is Behind FTX?
FTX was founded in 2018 by current CEO Sam Bankman-Fried who was once a trader on Jane Street Capital’s international ETF desk, and current CTO Gary Wang, who is a former Google software engineer.
Prior to founding FTX, in 2017 the pair founded Alameda Research Ltd which is a leading quantitative trading and cryptocurrency liquidity provider, and Alameda assists FTX in maintaining deep order books as well as 24/7 OTC services.
Alameda also incubated and developed FTX with the exchange successfully raising a total of $8m over three funding rounds. After the Seed and Corporate rounds which took place in 2019, the Series B round was completed on March 2, 2020 and attracted investment from Liquid Value Capital.
Binance acted as a Lead Investor during the Corporate round while FBG Capital, Greylock…