Binance Invests In Crypto Derivatives Exchange FTX

The second largest cryptocurrency exchange by daily traded volume has recently made a strategic investment in a crypto derivatives exchange. The cryptonews shows that Binance invests in the crypto derivatives exchange FTX and has made both an equity investment in it and is taking a long term position in its native asset, the FTX Token (FTT).

As Binance invests in FTX, the exchange’s backing will aim to drive sustainable growth in the ecosystem, the announcement showed. While Binance has not disclosed the sum of its investment, the founder of FTX Sam Bankman Fried and the head of the affiliate Alameda Research told Bloomberg that it was in the order of “tens of millions.”

This, according to him, implied a valuation for FTX “in the hundreds of millions of dollars.” He also noted that the investment and strategic advisory role of Binance will help FTX to accelerate its growth while the exchange maintains the independence of its operations.

Founded in early 2019, the derivatives exchange provides professional derivative trading products which include quarterly and perpetual contracts on various crypto assets, leverage tokens and over-the-counter (OTC) services.

Now that Binance invests in FTX, we can see that the exchange is getting more and more strategic recently. The derivatives exchange (FTX) was founded in early 2019 and provides professional derivative trading products including quarterly and perpetual contracts on various crypto assets, leverage tokens and over-the-counter (OTC) services.
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Ever since it was founded, FTX has grown to process around half a billion dollars in daily traded volume. As a strategic partner, FTX will also help Binance build out its existing liquidity and institutional product offerings including its flagship exchange and OTC trading desk.

“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,“ the CEO of Binance Changpeng Zhao commented in a statement.

On the other hand, the CFO Wei Zhou was also in the Binance news, adding that the Binance team encourages “positive competition as well as partnerships” in ints mission to help develop new products and services in the crypto industry.