As part of the strategic partnership, Binance and FTX will work together to further develop the cryptocurrency ecosystem. In addition to the equity investment into FTX, Binance has also taken a long-term position in the FTX Token (FTT) to help enable the sustainable growth of the FTX ecosystem, aligning with the broader scope of the partnership.
FTX will also help build out the liquidity and institutional product offerings across the Binance ecosystem, including its exchange (Binance.com) and over-the-counter (OTC) trading desk. FTX is also developing a wide range of products that will help give users access to an entire tokenized ecosystem and will be working with Binance on developing them.
Founded in early 2019, FTX provides professional derivative trading products including quarterly and perpetual contracts on multiple crypto assets, leverage tokens and OTC services. Within a year of establishment, FTX has quickly grown into one of the most popular derivatives trading platforms, with an average daily trading volume of nearly half a billion US Dollars.
“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. “We are pleased to have an excellent partner joining the Binance ecosystem and aim to grow the crypto market together.”
“Binance is a market leader which has strong synergy with derivatives platforms, and we appreciate their global industry leadership, consistent execution and innovation,” said Sam Bankman-Fried, Founder and CEO of FTX, explaining why he welcomed Binance as an investor. “The investment will help accelerate the growth of FTX with support and strategic advisory from Binance while FTX maintains its independent operations.”
“Continuing to offer better trading products and platforms has always been our goal. The crypto exchange segment is increasingly competitive, and Binance is also in competition with our own portfolio companies,“ said Wei Zhou, Binance CFO. “We encourage positive competition as well as partnerships that strive to bring the best products and services to the market.”
Launched in the spring of this year, FTX has quickly become a leading cryptocurrency derivatives exchange. FTX has among the most liquid markets in the industry, including perpetual and quarterly futures on over twenty different products. FTX has also developed leveraged tokens, options, index futures, and spot markets, all powered by a single stablecoin collateral wallet. Incubated by liquidity provider Alameda Research, FTX also has an OTC desk with fiat support and 24/7 quotes in hundreds of products. You can find FTX online at https://ftx.com/
Binance is a blockchain ecosystem comprised of several arms to serve the greater mission of blockchain advancement and the freedom of money. Binance Exchange is the leading global cryptocurrency exchange by trading volume, with users from over 180 countries and regions. The Binance ecosystem is also comprised of Binance Labs (venture capital arm and incubator), Binance DEX (decentralized exchange feature developed on top of its native, community-driven Binance Chain blockchain), Binance Launchpad (token sale platform), Binance Academy (educational portal), Binance Research (market analysis), Binance Charity Foundation (blockchain-powered donation platform and non-profit for aiding in sustainability), Binance X (developer-focused initiative) and Trust Wallet (its official multi-coin wallet and dApps browser). For more information, visit: https://www.binance.com