- FTX’s token, FTT, is enjoying a 5% leap over the last day as adoption rates skyrocket.
- The crypto derivatives trading platform has added support for BUSD and BNB on its wallet, while a Series B investment gave it an $18 billion valuation.
- The community was elated after SharkTank host, Kevin O’Leary was unveiled as a spokesperson for the project
- FTT, the native token, trades at $51.12 and the 24-hour trading volume has just exceeded a quarter of a million dollars.
FTX is new on the block and isn’t wasting any time as it tries to catch up with the pack leaders. The crypto derivatives trading platform was launched on May 8th, 2019 by Sam Bankman-Fried and Gary Wang after they became disillusioned with the offerings of mainstream crypto exchanges.
In recent weeks, the project shows no signs of slowing down and is making a concerted effort to improve upon the features that it currently offers its users. The move to support BUSD and BNB in it’s wallet is a show of force. Furthermore, the deal it struck with Yield Guild Games to sponsor Axie Infinity Players sees it make a foray into sports and gaming, an important and exciting field.
FTX Token – Recent Developments
A week ago, FTX’s CEO announced that FTX now supports BUSD and BNB tokens on the Binance Smart Chain. Withdrawals are already live, with the project ensuring users will be able to make deposits through the BSC BEP-20 token in a move that points to increased drive.
The project had cause to celebrate following the closing of a Series B investment round that raised $900 million and gave the derivatives exchange a valuation of $18 billion.
The funding round had over 60 participants, reflecting a strong belief in the exchange as it became a decacorn. Earlier this year the project pulled a huge marketing feat after it secured the naming rights over Miami’s Heat stadium for the next 19 years.
The project has also forged a partnership with Yield Guild Games which gives FTX the lifetime naming rights to sponsor Axie Infinity Players from around the world.
FTX has a series of developments in the pipeline as it continues its march to the top. The project has plans to expand the futures it offers its users as it expands its reach.
Furthermore a $150,00-a-year, three-year commitment has been approved for BitcoinBrink to support through developer community and grants. By the end of the 3 years, the number of developers supported will be a substantial figure.
On The Flipside
- The decision of FTX to reduce max leverage from 101x to 20x has elicited mixed reactions from the community.
- A statement from the CEO noted that the decision was made to encourage responsible trading while some quarters argue that 20x is still too much leverage.
A combination of impressive innovations have seen the native token (FTT) rise by over 8% in the last 24 hours to trade at $51.47.
Price Chart of the FTX Token (FTT) over the last seven days. Source CoinMarketCap
With a market capitalization of $4.8 billion, the asset is ranked at number 30 by market cap with daily volumes at $271 million. The asset reached its all-time high of $63.08 in May and, with the exchange trading volumes above $10.9 billion, the stage is set for it to set a new all-time high.
FTX has an active Twitter account with over 167,000 followers and offers 24/7 support for the community. For increased outreach, the project has made Shark Tank host Kevin O’Leary an official spokesperson.
The project offered him remuneration in equity and cryptocurrency. Kevin O’Leary’s large followership could be instrumental as it offers a greater reach for the project.
Why You Should Care?
The popularity of crypto derivatives is increasing by the day. With FTX Token currently well placed, it could be one of the go-to platforms when crypto derivatives hit mass adoption.
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