FTX
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 and FTX Pro: mobile applications available on iOS and Android for trading cryptocurrencies[8]
- FTX Pay: a service that merchants can use to accept payments in crypto and traditional currencies[9]
- FTX NFT: a platform to trade non-fungible tokens[10]
- FTX Card: a Visa-linked debit card powered by Swipe[11]
- An application programming interface (API) for developers to build applications or payment portals.[12]
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]
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
- ^ https://www.bloomberg.com/news/articles/2021-09-24/bankman-fried-s-crypto-exchange-ftx-leaves-hong-kong-for-bahamas
- ^ "Crypto firm FTX Trading's valuation rises to $18 BLN after $900 MLN investment". 20 July 2021.
- ^ https://www.bloomberg.com/news/articles/2021-05-11/upstart-crypto-exchange-ftx-surges-toward-top-of-trading-ranks
- ^ https://www.bloomberg.com/news/articles/2021-07-13/ftx-copper-technologies-tie-up-to-give-easier-access-to-crypto
- ^ Lipton, Eric; Livni, Ephrat (23 July 2021). "'I Feel Conflicted': Crypto's Offshore Trading Moguls Talk Shop". The New York Times.
- ^ a b Cite error: The named reference
:0
was invoked but never defined (see the help page). - ^ "FTX integrates ClearLoop instant settlement network from Copper.co". copper.co. Retrieved 2021-07-28.
- ^ GmbH, finanzen net. "FTX: Blockfolio App Rebrands to FTX". markets.businessinsider.com. Retrieved 2021-07-29.
- ^ Cite error: The named reference
:1
was invoked but never defined (see the help page). - ^ "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.
- ^ "Visa's crypto partnerships grow by 43% in four months". The Block. Retrieved 2021-07-29.
- ^ "FTX closes $900 million funding round at an $18 billion valuation". The Block. Retrieved 2021-07-28.
- ^ "FTX.US goes live, CEO says the crypto exchange has 'tons of liquidity' to offer". The Block. Retrieved 2021-07-29.
- ^ 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.
- ^ 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) - ^ "Hong Kong's 29-year-old crypto billionaire: FTX's Sam Bankman-Fried". Nikkei Asia. Retrieved 2021-07-29.
- ^ "FTX Exchange's $150M Deal for Mobile-First Blockfolio is a Retail Trading Play". 25 August 2020.
- ^ "FTX Renames Blockfolio Trading App to ... FTX". 28 July 2021.
- ^ https://www.ft.com/content/a3a90a4f-54e4-4b4f-b1df-2d9d8ca7712d
- ^ https://www.bloomberg.com/news/articles/2021-07-20/crypto-firm-ftx-valued-at-18-billion-as-softbank-ribbit-invest
- ^ https://www.bloomberg.com/news/articles/2021-07-29/crypto-exchange-competition-heats-up-with-ftx-us-growth-spurt
- ^ "Why did crypto exchange Binance exit FTX?".
- ^ "'Shark Tank' star Kevin O'Leary will get paid in crypto for his new role as spokesman for Sam Bankman-Fried's FTX".
- ^ Livni, Ephrat; Lipton, Eric (25 July 2021). "Leaders in Cryptocurrency Industry Move to Curb the Highest-Risk Trades". The New York Times.
- ^ https://www.bloomberg.com/news/articles/2021-07-26/crypto-exchanges-ftx-binance-limit-traders-to-20-times-leverage
- ^ "Miami Heat to play in FTX Arena after county approves $135M deal with crypto exchange".
- ^ "It's Official! Miami Heat Home to be Named FTX Arena". 26 March 2021.
- ^ 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.
- ^ 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) - ^ https://www.bloomberg.com/news/articles/2021-08-23/ftx-crypto-exchange-buys-cal-memorial-stadium-naming-rights
- ^ https://www.thestreet.com/crypto/news/ftx-crypto-exchange-partners-with-mercedes-f1-team