Binance Invests in FTX for Purchasing FT Tokens

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Binance Invests in FTX for Purchasing FT Tokens

  • Binance has made a strategic investment in FTX and has purchased FTT, the native derivatives coin.
  • Binance is a blockchain ecosystem having one the most secure exchanges and which allows trading of more than 100 cryptocurrencies.
  • With the tagline, “Built by traders, for traders,” FTX has become the leader in the field since it’s launch in the spring of 2019.

Binance has made a strategic investment in FTX and has purchased FTT, the native derivatives coin. This move has made in the context of the previous big news of Binance and FTX collaborating.

Earlier, Binance has mentioned that it plans to work with FTX, to teach and foster an environment for the cryptocurrencies. Binance is the biggest cryptocurrency exchange in the world, in terms of trading volume of 2018, leaped forward, and planned to invest strategically at FTX.

Annotation 2019-12-21 155522
Source: binance

Binance is a blockchain ecosystem having one the most secure exchanges and which allows trading of more than 100 cryptocurrencies all-together from more than 180 countries and many regions. The company aims to create better use of Blockchain technology for the world by growing its ecosystem.

It is under an ongoing mission to develop the cryptocurrency ecosystem, which includes,  Binance Labs, Binance DEX, Binance Launchpad, Binance Academy, Binance Research, Binance Charity Foundation, Binance X and Trust Wallet.

Talking about FTX, on the other hand, the company has become the leading cryptocurrency derivatives exchange. With the tagline, “Built by traders, for traders,” FTX has become the leader in the field since it’s launch in the spring of 2019.

Sam Bankman-Fried, the founder and CEO of FTX, mentioned that the investment would help in the growth of FTX with strategic advice from Binance while FTX performs its independent operations.

The investment had made online and has locked over two years for a long term relationship between the two. FTX, which was an incubation project for Alameda Research, operates out of the Caribbean islands of Antigua and Barbuda.

Now the company has flourished so much that it almost exchanges trade over half a billion dollars each day. Finally, it can thoroughly say that Binance sees a future in the trading expert option, FTX. 

 Zhao, the CEO of Binance, said that FTX is Binance are alike in many aspects. Moreover, the CEO is confident enough that the FTX has a lot of unleashed potentials, which is yet to see.

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