FTX Wallet Added Support For BNB, BUSD On Binance Smart Chain

FTX Wallet added support for BNB, BUSD tokens on the Binance smart chain and will enable users to make deposits via BSC BEP-20 Tokens as we are reading more in our binance news today.

FTX wallet added support for BNB and BUSD and it seems like it is continuing its ongoing streak towards market penetration. While no official announcement was made, the CEO Sam Bankman Fried confirmed the developments:

“Ftx.com/wallet now supports BSC for BUSD and BNB! (Withdrawals are live — I *think* deposits are; otherwise they will be very soon.)”

Based on the information available, fTX wallets are supporting withdrawals for Binance USD and Binance Coin that are both native to the Binance Chain. The company will enable users to make deposits via BSC BEP-20 tokens but the services are not yet available for the US-focused FTX platform due to restrictions. Bankman opined that the governments will have to require three to five years to provide regulatory clarity for crypto businesses that are wishing to operate in the jurisdictions. The founder reportedly spends five hours a day on regulation and licensing.
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The company also limited its users to leverage trades up to 20x instead of offering up to 1010x. the intention here was to minimize the inherent volatility risks associated with crypto trading. The exchange hasn’t witnessed a reduction in radiation volumes after the announcement.

Complimenting the exchange’s tech developments, fTX latest Series B investment round saw more than 60 participants, and the deal placed FTX’s valuation to a stunning $18 billion which is a 1400% increase from the previous $1.2 billion. Other market leaders like Binance follow similar methods to promote low-risk trading and increase market adoption. Crediting the move to the interest of consumer protection, Binance CEO Changpeng Zhao stated that limiting new users to 20x leverage on futures trades is something that he didn’t want to make a thing out of.

As recently reported, FTX Crypto exchange launches Sports NFT platform after partnering with Dolphin Entertainment to launch the NFT marketplace. The marketplace will focus on sports and entertainment as Sam Bankman Fried announced. The marketplace will include NFTs linked to TV, music, gaming, film, esports, and more. NFTs and sports already established a new connection across other of the world’s biggest sports. The NBA led the way with NBA top Shot which is a collectible craze for NFT and crypto supporters.