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'''FTX''' is a [[cryptocurrency exchange]] focused on cryptocurrency derivatives and also offers cryptocurrency [[Futures contract|futures]], leveraged [[Cryptocurrency#Crypto_token|tokens]] and [[Over-the-counter (finance)|OTC]] trading.
'''FTX''' is a [[cryptocurrency exchange]] focused on cryptocurrency [[derivatives]] and also offers cryptocurrency [[Futures contract|futures]], leveraged [[Cryptocurrency#Crypto_token|tokens]] and [[Over-the-counter (finance)|OTC]] trading.


Based in [[Antigua]], FTX had its main offices in [[Hong Kong]] until moving to the Bahamas in late 2021.<ref>https://www.bloomberg.com/news/articles/2021-09-24/bankman-fried-s-crypto-exchange-ftx-leaves-hong-kong-for-bahamas</ref> FTX operates in the US as FTX.us offering limited trading services, due to US financial regulations. FTX currently has has over 1m users trading over $10B per day, which has been growing significantly since its funding round.<ref>{{Cite web|url=https://www.reuters.com/technology/crypto-firm-ftx-trading-raises-900-mln-18-bln-valuation-2021-07-20/|title=Crypto firm FTX Trading's valuation rises to $18 BLN after $900 MLN investment|date=20 July 2021}}</ref><ref>https://www.bloomberg.com/news/articles/2021-05-11/upstart-crypto-exchange-ftx-surges-toward-top-of-trading-ranks</ref> The company aims to distinguish itself from other by exchanges by providing institutions access to crypto markets.<ref>https://www.bloomberg.com/news/articles/2021-07-13/ftx-copper-technologies-tie-up-to-give-easier-access-to-crypto</ref>
Based in [[Antigua]], FTX had its main offices in [[Hong Kong]] until moving to the Bahamas in late 2021.<ref>https://www.bloomberg.com/news/articles/2021-09-24/bankman-fried-s-crypto-exchange-ftx-leaves-hong-kong-for-bahamas</ref> FTX operates in the US as FTX.us offering limited trading services, due to US financial regulations. FTX currently has has over 1m users trading over $10B per day, which has been growing significantly since its funding round.<ref>{{Cite web|url=https://www.reuters.com/technology/crypto-firm-ftx-trading-raises-900-mln-18-bln-valuation-2021-07-20/|title=Crypto firm FTX Trading's valuation rises to $18 BLN after $900 MLN investment|date=20 July 2021}}</ref><ref>https://www.bloomberg.com/news/articles/2021-05-11/upstart-crypto-exchange-ftx-surges-toward-top-of-trading-ranks</ref> The company aims to distinguish itself from other by exchanges by providing institutions access to crypto markets.<ref>https://www.bloomberg.com/news/articles/2021-07-13/ftx-copper-technologies-tie-up-to-give-easier-access-to-crypto</ref>

Revision as of 22:27, 26 September 2021

FTX is a cryptocurrency exchange focused on cryptocurrency derivatives and also offers cryptocurrency futures, leveraged tokens and OTC trading.

Based in Antigua, FTX had its main offices in Hong Kong until moving to the Bahamas in late 2021.[1] FTX operates in the US as FTX.us offering limited trading services, due to US financial regulations. FTX currently has has over 1m users trading over $10B per day, which has been growing significantly since its funding round.[2][3] The company aims to distinguish itself from other by exchanges by providing institutions access to crypto markets.[4]

FTX was founded in 2019 by Samuel Bankman-Fried, who also manages $2.5 billion of assets through Alameda Research, a quantitative cryptocurrency trading firm he founded in 2017.[5]

Products

FTX offers products for both retail investors and institutional traders.[6] Product offerings include derivatives, options, tokenized stocks, prediction markets, leveraged tokens, and an OTC desk. [7]

FTX's products for users include:

FTX’s US platform, FTX.US, is a United States licensed and regulated exchange.[13][14] It is a separate exchange from FTX.com.[15] FTX US offers a smaller selection of markets to American residents when compared to its non-US offerings.[6] FTX.com is not available to US residents.[16]

History

2020

In August 2020, FTX acquired Blockfolio, a cryptocurrency trading app, in a deal worth $150m, and paid in cash, crypto and equity. The app brings 6 million users into the FTX trading platform.[17] In 2021, FTX rebranded Blockfolio to FTX.[18]

The FTX Arena.

2021

In July 2021, FTX raised $900m from sixty investors, including Softbank, Sequoia Capital and Thoma Bravo, valuing the company at $18B.[19][20] The purpose of the funds was mainly to grow in the US.[21] Binance, a competitor which invested in the company in 2020, divested of its share in 2021.[22]

In 2021, Kevin Oleary signed on as official spokesperson for FTX, to be paid for in cryptocurrency which will be managed on FTX’s platform.[23]

Following a May 2021 crash in cryptocurrency prices, FTX introduced measures to reduce leverage to curtail risky trades made on its platform.[24][25]

FTX Arena

In March 2021, FTX paid $135m to buy the naming rights to the Miami Heat’s basketball court in a 19-year deal, naming it the FTX Arena.[26][27]

FTX TSM

In June 2021, FTX announced a 10-year $210 million naming rights deal with TSM, a competitive video game team, who officially changed their name to Team SoloMid FTX.[28] Tom Brady, an American football player in the NFL, became an ambassador for FTX. As part of the partnership, Tom Brady and his wife Gisele Bündchen both took equity stakes in FTX.[29]

FTX Field at California Memorial Stadium

In August 2021, FTX agreed to pay US$17.5 million for the naming rights to California Memorial Stadium for ten years [30]

Mercedes-AMG Petronas Formula One Team

In September of 2021, FIX announced a long-term partnership with the Mercedes-AMG Petronas F1 Team that adds the FTX logo to the cars and uniforms of both Lewis Hamilton and Valtteri Bottas.[31]

Reference section

  1. ^ https://www.bloomberg.com/news/articles/2021-09-24/bankman-fried-s-crypto-exchange-ftx-leaves-hong-kong-for-bahamas
  2. ^ "Crypto firm FTX Trading's valuation rises to $18 BLN after $900 MLN investment". 20 July 2021.
  3. ^ https://www.bloomberg.com/news/articles/2021-05-11/upstart-crypto-exchange-ftx-surges-toward-top-of-trading-ranks
  4. ^ https://www.bloomberg.com/news/articles/2021-07-13/ftx-copper-technologies-tie-up-to-give-easier-access-to-crypto
  5. ^ Lipton, Eric; Livni, Ephrat (23 July 2021). "'I Feel Conflicted': Crypto's Offshore Trading Moguls Talk Shop". The New York Times.
  6. ^ a b Cite error: The named reference :0 was invoked but never defined (see the help page).
  7. ^ "FTX integrates ClearLoop instant settlement network from Copper.co". copper.co. Retrieved 2021-07-28.
  8. ^ GmbH, finanzen net. "FTX: Blockfolio App Rebrands to FTX". markets.businessinsider.com. Retrieved 2021-07-29.
  9. ^ Cite error: The named reference :1 was invoked but never defined (see the help page).
  10. ^ "FTX Closes $900 Million Series B — Capital Raise Pushes Exchange Valuation to $18 Billion – Finance Bitcoin News". Bitcoin News. 2021-07-21. Retrieved 2021-07-29.
  11. ^ "Visa's crypto partnerships grow by 43% in four months". The Block. Retrieved 2021-07-29.
  12. ^ "FTX closes $900 million funding round at an $18 billion valuation". The Block. Retrieved 2021-07-28.
  13. ^ "FTX.US goes live, CEO says the crypto exchange has 'tons of liquidity' to offer". The Block. Retrieved 2021-07-29.
  14. ^ Lipton, Eric; Livni, Ephrat (2021-07-23). "'I Feel Conflicted': Crypto's Offshore Trading Moguls Talk Shop". The New York Times. ISSN 0362-4331. Retrieved 2021-07-29.
  15. ^ Hajric, Vildana. "Crypto Exchange Competition Heats Up With FTX.US Growth Spurt". www.bloomberg.com. Retrieved 2021-07-29.{{cite web}}: CS1 maint: url-status (link)
  16. ^ "Hong Kong's 29-year-old crypto billionaire: FTX's Sam Bankman-Fried". Nikkei Asia. Retrieved 2021-07-29.
  17. ^ "FTX Exchange's $150M Deal for Mobile-First Blockfolio is a Retail Trading Play". 25 August 2020.
  18. ^ "FTX Renames Blockfolio Trading App to ... FTX". 28 July 2021.
  19. ^ https://www.ft.com/content/a3a90a4f-54e4-4b4f-b1df-2d9d8ca7712d
  20. ^ https://www.bloomberg.com/news/articles/2021-07-20/crypto-firm-ftx-valued-at-18-billion-as-softbank-ribbit-invest
  21. ^ https://www.bloomberg.com/news/articles/2021-07-29/crypto-exchange-competition-heats-up-with-ftx-us-growth-spurt
  22. ^ "Why did crypto exchange Binance exit FTX?".
  23. ^ "'Shark Tank' star Kevin O'Leary will get paid in crypto for his new role as spokesman for Sam Bankman-Fried's FTX".
  24. ^ Livni, Ephrat; Lipton, Eric (25 July 2021). "Leaders in Cryptocurrency Industry Move to Curb the Highest-Risk Trades". The New York Times.
  25. ^ https://www.bloomberg.com/news/articles/2021-07-26/crypto-exchanges-ftx-binance-limit-traders-to-20-times-leverage
  26. ^ "Miami Heat to play in FTX Arena after county approves $135M deal with crypto exchange".
  27. ^ "It's Official! Miami Heat Home to be Named FTX Arena". 26 March 2021.
  28. ^ Browning, Kellen (2021-06-04). "A Pro E-Sports Team Is Getting $210 Million to Change Its Name". The New York Times. ISSN 0362-4331. Retrieved 2021-07-28.
  29. ^ Hajric, Vildana. "Tom Brady and Gisele Bündchen Take Equity Stake in Crypto Firm FTX". Bloomberg. Retrieved 2021-07-28.{{cite web}}: CS1 maint: url-status (link)
  30. ^ https://www.bloomberg.com/news/articles/2021-08-23/ftx-crypto-exchange-buys-cal-memorial-stadium-naming-rights
  31. ^ https://www.thestreet.com/crypto/news/ftx-crypto-exchange-partners-with-mercedes-f1-team

External links section

FTX Website

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