Tag: Ftx Exchange

FTX Exchange Acquires Japan-based Liquid Exchange

by Blockchain News

In a bid to expand its global footprint, FTX Derivatives Exchange has acquired Japanese digital assets brokerage firm, Liquid Group, and its existing subsidiaries Quinone Corporation and Quinone Pte in Singapore. 

While the financial terms of the deal were not revealed, the announcement detailed plans to wrap up the acquisition by March this year, although this is notably subject to the satisfaction of all customary closing conditions. Despite the acquisition, FTX Exchange will permit Quinone to operate its existing business products bordering on derivatives offerings.

The trading platform was established back in 2014 and was issued by Type 1 Financial Instruments Business registration by the Japanese FSA as reported by Blockchain.News in October 2021. With the acquisition, FTX will move its Japanese customers to the Quinone platform. They will also be able to access FTX’s product offerings on the platform as both outfits’ services will be merged.

“Following FTX’s acquisition of Liquid, Quoine will gradually integrate FTX’s products and services into its own offering, and FTX’s existing Japanese customers will be migrated to Quoine’s platform,” the issued statement reads, adding that both trading platforms “expect to work together to provide products and liquidity to retail and institutional investors in the Japanese and global markets.”

Existing FTX users in Japan will be sent a notification in the form of an email with further details on the transition and transfer described above.

FTX Derivatives Exchange is a prominent player in the Merger and Acquisition (M&A) scene. The company acquired LedgerX, a U.S-based Commodity Futures Trading Commission (CFTC) licensed derivatives provider. FTX’s positioning in the M&A scene is bolstered with the continuous accumulation of venture capital funding.

As reported by Blockchain.News, FTX Exchange recently inked a $400 million funding to increase its valuation to $32 billion. This massive liquidity affords the trading platform the opportunity to extend its tentacle and take up ownership of smaller firms with established product offerings around the world.

Image source: shutterstock

Source

Tagged : / / /

FTX to Acquire Japanese Fintech Company Liquid Group

by CryptoPotato

Sam Bankman-Fried’s FTX will acquire Liquid Group and all of its operating subsidiaries. Among them is Quoine Corporation – one of the first digital asset trading venues in Japan.

FTX Continues to Expand

According to a recent blog post, the deal should be finalized in March this year as the regulators will take all closing conditions into account. Upon completion, the Bahamian-based FTX will own Quoine and thus spread its services on Japanese soil. Established in 2014, the latter is among the first exchanges to receive approval from the FSA to operate in the country.

Quoine will gradually integrate FTX’s products and services into its offerings. At the same time, existing Japanese customers of Bankman-Fried’s company will be migrated to Quoine’s ecosystem. FTX also inked a deal to provide its clients in Japan with services in compliance with local law.

Users will receive email notifications regarding all transitions. Both parties expect to work together to provide products and liquidity to retail and institutional investors in Japan and global markets. The economic terms, as well as the amount of the acquisition, have not been disclosed.

FTX and Liquid Group are familiar with each other. In August last year, hackers drained more than $90 million worth of digital assets from the Japanese organization. Shortly after, though, FTX transferred a loan of $120 million intended to stabilize Liquid Group after the attack. Speaking on the matter back then was COO Seth Melamed:

ADVERTISEMENT



“By collaborating with FTX, we see enormous opportunities to drive innovation and change the future of finance with blockchain technology.”

FTX’s Impressive Start of 2022

The cryptocurrency platform, which experienced impressive growth last year, has continued its streak in 2022 as well.

Last month, it set up a $2 billion venture fund to invest in new and promising digital asset projects. The CEO and Founder of the company – Sam Bankman-Fried – provided the full amount.

Towards the end of January, the American branch of the platform – FTX US – raised $400 million in a funding round led by SoftBank Group and Temasek Holdings. As a result, the firm’s total valuation grew to $8 billion.

A few days later, the global exchange FTX closed $400 million in a fresh financing round, increasing its own valuation to a whopping $32 billion.

SPECIAL OFFER (Sponsored)


Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 25% off trading fees.

You Might Also Like:






Source

Tagged : / / / / / /

FTX Exchange Tops $32B Valuation with a $400M Series-C Venture Funding

by Blockchain News

FTX Derivatives Exchange has concluded its Series C funding round where it raised the sum of $400 million to increase its valuation to $32 billion. 

Investors who participated in the funding round as announced by the trading platform include but are not limited to Temasek, Paradigm, Ontario Teachers’ Pension Plan Board, NEA, IVP, SoftBank Vision Fund 2, Lightspeed Venture Partners, Steadview Capital, Tiger Global, and Insight Partners.

FTX revealed that the majority of the investors it welcomed in this funding round also backed FTX.US, it’s subsidiary in the United States which just completed its $400 million fundraising to hit an $8 billion valuation. According to the exchange, the new fund for the global outfit will now be deployed into developing additional products aimed at broadening the platform’s reach.

“This round will support our continued mission of delivering innovative products and services to the marketplace as well as expanding our global reach with additional licenses around the world,” said Sam Bankman-Fried, Chief Executive Officer of FTX. “With the ongoing support from our dedicated investors and userbase, FTX will look to continue interacting with regulators to facilitate access to digital assets in a safe and compliant manner. We look forward to working alongside our investors to achieve our mission and continue our tremendous growth throughout 2022 and beyond.”

In the past 6 months, FTX has raised a total of $1.8 billion from venture capital firms, cementing its stand as one of the most liquid trading platforms around. Back in October when the firm completed its Series B-1 funding round, it was valued at $25 billion, and the current valuation shows the firm is growing at a very progressive rate.

FTX is ranked the third-largest trading platform by volume, a feat it achieved by growing its user base by more than 60% since the last funding round. The exchange recently launched FTX Ventures, a $2 billion venture fund created to advance global blockchain, cryptocurrency, and Web3 adoption.

Image source: Shutterstock

Source

Tagged : / / / / /

FTX Valuation Hits $32 Billion Following a $400 Million Funding Round: Report

by CryptoPotato

Days after its US branch raised $400 million, so has done the global exchange FTX. Thus, its total valuation grew to $32 billion.

  • CryptoPotato reported last week the funding round in which FTX US raised $400 million from different investors such as Japan’s SoftBank Group Corp and Singapore’s Temasek Holdings.

  • Less than a week later, CNBC reported that the new funding round for the global digital asset exchange FTX saw participation from some of the same investors.

  • With this third fundraise in nine months, the previous one being worth $420.69 million, the company’s total valuation has grown to $32 billion.

  • FTX’s CEO, Sam Bankman-Fried, commented that the firm is exploring how to go public if necessary, but so far, no such plans have been made official.

  • Instead, he noted that this exchange is more focused on expanding in other countries by acquiring new licenses.

  • Speaking about the current conditions in the market, with bitcoin wiping off roughly 50% of its value in a few months, SBF said he doesn’t believe that there will be a crypto winter anytime soon.


  • “There have been changes in expectations of interest rates, and that’s been moving crypto markets. But it’s been moving markets more generally as well.” – he added.

SPECIAL OFFER (Sponsored)


Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 25% off trading fees.

You Might Also Like:






Source

Tagged : / / / / /

FTX US Valuation Taps $8 Billion After Raising $400 Million From SoftBank and Temasek

by CryptoPotato

The US branch of the digital asset exchange raised $400 million in a funding round that saw participation from prominent names such as Japan’s SoftBank Group Corp and Singapore’s Temasek Holdings. Consequently, the company’s total valuation grew to $8 billion.

  • Reuters’ report informed that aside from the aforementioned names, the cryptocurrency investment companies Paradigm and Multicoin Capital also took part in the funding round.

  • FTX US plans to use the funds to grow its user base and launch new products. It also wants to make several strategic investments and acquisitions as well as expand its staff.


  • “What this raise means to us is that we are officially establishing ourselves on the stage of the largest competitors of cryptocurrency exchanges in the US, and signaling to the world that we are going to continue to expand very rapidly.”- commented the company’s president Brett Harrison.

  • Previously, FTX US acquired Ledger Holdings, the parent company of LedgerX, in an attempt to start offering derivatives for United States-based customers. Additionally, the firm wants to launch an NFT platform.

  • FTX US and Bitstamp also aim to provide stock trading services to clients in America.

  • Harrison also informed that the US branch “more than doubled” its user count in the last quarter of last year, nearing 1,200,000 users. This came shortly after the exchange reported a 500% volume increase in Q3.

SPECIAL OFFER (Sponsored)


Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 25% off trading fees.

You Might Also Like:






Source

Tagged : / / / / /

FTX Rolls Out $2 Billion Venture Fund

by CryptoPotato

The US exchange aims to allocate funds from $100,000 to hundreds of millions of dollars in certain blockchain and crypto projects through the new initiative called FTX Ventures.

  • The Wall Street Journal first reported the news earlier on January 14th, indicating that FTX Ventures will be one of the largest such funds in the cryptocurrency space.

  • The coverage informed that the entire $2 billion funding came from the exchange’s founder and CEO – Sam Bankman-Fried.

  • FTX Ventures plans to invest in up-and-coming crypto protocols as funding could start from $100,000 and could go up to “hundreds of millions of dollars.”

  • Amy Wu, formerly from Lightspeed Venture Partners, will spearhead the new initiative. She noted that the organization can deploy all funds by 2023, depending on the opportunities it sees in the market.

  • Wu outlined cryptocurrency gaming companies, as well as NFT protocols and insurance and security products, as particularly intriguing.

  • With the launch of FTX Ventures, the US exchange has joined the likes of Binance and Coinbase with designated products designed to invest in new projects.

  • FTX has seen impressive growth, including a 500% volume increase in Q3 2021, lately with numerous partnerships with large US-based entities, such as Cal Athletics.

  • Separately, prominent names such as NBA’s Steph Curry and NFL’s Tom Brady joined the company as ambassadors.

  • Just earlier today, CryptoPotato reported that the exchange wants to offer stock trading services in the US soon.

SPECIAL OFFER (Sponsored)


Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 25% off trading fees.

You Might Also Like:






Source

Tagged : / / / /

FTX US and Bitstamp USA Are Working to Offer Stock Trading Services

by CryptoPotato

Crypto exchanges are looking for ways to expand their domains, and it seems that the blockchain space is no longer enough. Now, the U.S. subsidiaries of FTX and Bitstamp could be about to start offering their customers support for equity trading.

According to a report from Bloomberg, both exchanges are fine-tuning details to enter the world of traditional finance. If their plans come to fruition, both FTX and Bitstamp would offer services diverse enough for their customers to concentrate a significant amount of their wealth under their custody.

Crypto Meets Stocks

It is unclear whether both platforms want to apply to become stock exchanges or brokers, however it is important to note that although both require a tedious regulatory process, the general consensus is that it is easier to be a broker (like Robinhood) than an exchange (like Nasdaq).

Both FTX and Bitstamp had signaled their interest in penetrating the stock market in the past, so the reports confirm speculation about the business model the exchanges wanted to adopt.

In an interview shared by Bloomberg, Robert Zagotta, CEO of Bitstamp USA indicated that the exchange was interested in offering stock trading options, but his words made it apparent that it was all merely exploratory:

ADVERTISEMENT



“(The stock market is a) very competitive space, and there are some very significant players in it; we have to be convinced that we have a right to win in this space.”

He said that should it decide to expand, Bitstamp USA could focus on partnerships or acquisitions to speed up the regulatory process.

For its part, FTX US took a more direct and aggressive approach.

In a tweet on January 11, 2022, FTX US CEO, Brett Harrison, asserted that the stock market was a priority for the company

Tokenized vs Real Stocks

It is important to note that FTX had already played with the stock market, offering its customers the opportunity to trade tokenized stocks on the blockchain representing the price of major SP500 companies. However, regulatory pressure negatively impacted these products.

Other exchanges sidestepped the issue. Binance, for example, offered the opportunity to trade tokenized stocks last year. However, it started with Tesla and withdrew its product three months later due to several warnings from U.S. regulators.

Bloomberg contacted Binance to find out if it expected to enter the stock market, but the exchange said it was focused on the crypto market for the time being.

Coinbase declined to respond, although the company recently acquired a derivatives exchange, so it could be easier for analysts to map its business interests a bit.

SPECIAL OFFER (Sponsored)


Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 25% off trading fees.

You Might Also Like:






Source

Tagged : / / / / /

FTX CEO, Sam Bankman-Fried Believes 2022 Will Be a Year of Regulatory Clarity for the Crypto Industry

by CryptoPotato

If you’re one of those anarchists who sees cryptocurrencies as an anti-establishment weapon, this might be uncomfortable for you. FTX CEO Sam Bankman-Fried expects a wave of regulatory moves starting in 2022 – and this, from his point of view, is an excellent thing.

In an interview for Bloomberg, the well-known cryptocurrency strategist shared his thoughts on the industry’s regulatory landscape, the state of NFTs, crypto gaming, the metaverse, and FTX’s strategies to raise its brand awareness.

And overall, Sam Bankman-Fried is very optimistic about it all.

Cryptocurrency Regulations: A Slow But Life-Changing Endeavor

Sam Bankman-Fried assured that the cryptocurrency industry, in general, has managed to gain the interest and respect of regulators around the world. Political efforts to touch this issue in Congress, the SEC, the CFTC, and other government offices is a sign of this progress.

And 2022 will be even busier in this regard, according to Bankman-Fried’s expectations.

ADVERTISEMENT



As a good CEO of a cryptocurrency exchange, Sam Bankman-Fried believes that the government’s stance will serve to boost cryptocurrency trading, significantly facilitating the entry of large investors.

“I’m optimistic about it (the price of Bitcoin), And the things that make me optimistic basically are (related to) more regulatory clarity in the US and globally, -which I think could help a ton- and institutional adoption. And I think those are also related to each other.”

This view has also been shared by other prominent analysts and investors in the cryptocurrency space. One such example is Mike Novogratz, CEO of Galaxy Digital, who has warned about the impact of bad crypto-related policies, repeatedly voicing the importance of attracting institutional capital to fuel a new bull run and promote a more robust industry.

But Sam Bankman-Fried sees the process as gradual rather than a sudden event. He explained that he does not see something evident in the next 3 to 6 months but instead expects it to be a slow process that will be “stretched out” over a few years.

Sam Bankman-Fried Talks About The Broader Crypto Space

Sam Bankman-Fried also touched on other important points during his interview. He mentioned that almost every financial institution he has spoken to is interested in entering or exploring the space of cryptocurrencies and blockchain technologies.

He also said he expects that 2022 will mark the beginning of a significant breakthrough in stablecoins regulations and likely a greater involvement of the SEC and CFTC.

He also spoke of the potential for NFTs in the gaming industry, and the expansion of the metaverse. He believes that a proper crypto-gaming industry will take years to grow, but he does not deny the potential for it to become a global major industry:

“I think (we’ll be) starting to see digital assets make an appearance there (in the metaverse). I expect that’s going to happen in the next few years.”

For Sam Bankman-Fried, Meta (which is nothing more and nothing less than a metaverse-focused rebrand of the social media behemoth, Facebook) will be a catalyst for this growth. However, he expects activity around NFTs as we know them today to quiet down a bit before major players start to enter.

SPECIAL OFFER (Sponsored)


Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 25% off trading fees.

You Might Also Like:






Source

Tagged : / / / / /

FTX US to Offer Crypto Derivatives and NFT Services to Customers

by CryptoPotato

FTX US, the United States division of global cryptocurrency exchange, FTX.com, revealed today that its customers will soon be able to access crypto derivatives and non-fungible token (NFT) services on the platform.

According to Brett Harrison, the president of FTX US, the exchange is building a self-hosted wallet that will support FTX NFTs and NFT gaming.

The crypto exchange is also looking to offer tokenized stock trading to US customers.


FTX US Prepares to Offer Derivatives

The idea to offer crypto derivatives to US customers has been in the works for months.

ADVERTISEMENT



In October, FTX US made initial steps to expand its services to include derivatives by acquiring Ledger Holdings, the parent company of LedgerX, a regulated crypto derivative platform.

Following the acquisition, the crypto exchange rebranded LedgerX to FTX US Derivatives.

FTX US Obtains Derivatives Licenses

Shortly after the deal was finalized, the exchange obtained three licenses. These included a CFTC regulated Designated Contract Market (DCM), Swap Execution Facility (SEF), and Derivatives Clearing Organization (DCO) to enable it to offer derivatives services to crypto users in the United States.

Earlier this month, FTX.com, the parent company of FTX US, announced that its American division had become a member of the International Swaps and Derivatives Association (ISDA).

“We’re excited to announce that FTX US is now a member of @ISDA. We are looking forward to working alongside ISDA and their CEO @ScottOMalia as we continue to build up crypto derivatives markets in the United States and globally,” FTX CEO, Sam Bankman-Fried (SBF) said.

ISDA is a private trade organization that helps to improve the trading of swaps and derivatives, identify and reduce risks for users of derivatives products.

FTX CEO: Regulation is Slowing Crypto’s Growth

Meanwhile, FTX.com is also looking to expand its product offerings with regulatory compliance.

Last week, Bankman-Fried outlined the necessary steps to drive the crypto space forward in 2022, stating that the main issue that is slowing down the industry’s growth is regulation.

SPECIAL OFFER (Sponsored)


Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 25% off trading fees.

You Might Also Like:






Source

Tagged : / / / / /

FTX’s SBF Outlines Key Steps to Move the Crypto Industry Forward into 2022

by CryptoPotato

The CEO of FTX – Sam Bankman-Fried (SBF) – came out with a long Twitter thread to outline some of the hurdles in front of the cryptocurrency industry and how to potentially handle them in the following years.

Before diving into some of the challenges, SBF outlined what the industry has already achieved. Namely, these include a solid userbase, smart contracts, numerous potential use cases, the beginning of scaling solutions, as well as “an enormous amount of attention.”

Yet, there are quite a lot of hurdles to overcome as well.

The Elephant in the Room

SBF believes that the most obvious thing that’s still “missing” from the crypto market is regulation.

There has been a lot of tension between industry and regulators, and both sides have, in many cases, left feeling frustrated.

One of the things that make it hard for the industry to move forward while also limiting institutional involvement is the lack of a clear process for token issuance, regulation on platform registration, and stablecoins in many jurisdictions.

sam_fried_bloomberg
FTX CEO, Sam Bankman-Fried. Source: Bloomberg

Moreover, “many regulators have found it very difficult working with crypto companies: instead of working collaboratively, we’ve seen a ton of examples of tension boiling over.”

So, how to remedy the above? Well, Bankman-Fried believes that it’s important to “work collaboratively on ways to address current regulatory gaps,” but also allowing liquidity to move to the US and to Europe, as well as other jurisdictions. He also addressed the issues associated with stablecoin regulations.

Stablecoins are maybe the most straightforward: create a reporting/transparency/auditing-based framework to ensure they are backed as they say they are.

This would solve 80% of the problems while allowing stablecoins to thrive onshore.

SBF also said that there should be standardized markets oversight in a unified regime “that creates similar standards for spot, futures,” and so forth.

The Scales of the Future

One of the things that blockchain-based networks have had hard times with is scaling. There are examples across the board – Ethereum’s sky-high fees, Solana’s blackouts, Avalanche’s issues under high load, and so forth.

So, what matters the most is having a concrete roadmap to scale to millions of TPS, and executing well on it. – SBF said.

He doesn’t believe that any network is there yet, and he also doesn’t think any network is “fast.” Talking about the use cases, he seems to believe that gaming is a very prosperous potential avenue, admitting that “tapping into the existing userbase of video games could be huge – billions of users and hundreds of billions of dollars each year.”

Yet, the UX and UI of existing gaming projects don’t seem to be anywhere near to what’s required for a seamless complementary experience.

Wrapping it up, SBF said that:

If you want to grow trust in the industry, regulation matters. But so does UI/UX, and each scam detracts. Every time we can do something great and beautiful and useful as an industry, we move everyone forward. Every time we fu*k up, we all take a step back.

SPECIAL OFFER (Sponsored)


Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 25% off trading fees.





Source

Tagged : / / / /
Bitcoin (BTC) $ 39,397.56 1.38%
Ethereum (ETH) $ 2,156.53 3.01%
Litecoin (LTC) $ 72.20 0.73%
Bitcoin Cash (BCH) $ 227.23 0.71%