Crypto exchange FTX marks second anniversary
FTX Trading Limited (FTX) saw USD400 billion in monthly trading volume on its platform during the month of April, making it the world’s fourth largest crypto exchange by volume and the world’s fastest growing exchange in terms of market share and new products added.
The exchange celebrated its two-year anniversary on 8 May. Last month alone FTX saw USD14 billion in average daily volume and open interest peaking above USD10 billion, representing ~25x YOY growth from April 2020.
Sam Bankman-Fried, FTX’s Co-Founder and CEO, says: “Several years ago, we took a look at the state of the world’s crypto exchanges and identified a gap in the marketplace for a reliable and secure platform robust enough to meet the needs of institutional traders and other power users. In May of 2019, we launched FTX, determined to revolutionise how trading was conducted in the digital asset space. Two years later, FTX has established itself as a leading crypto exchange offering innovative and industry-leading products.”
The platform now has around a million registered users, ranging from experienced institutional traders to sophisticated day traders, family offices and crypto-native investors. The company’s acquisition of Blockfolio last year and the incorporation of trading into the offering at the beginning of the year provides an easy to use mobile onramp for users entering the crypto space. The Company is at the forefront of providing investors with exposure to digital assets through unique product offerings such as: Futures, Spot Markets, Tokenised Stocks, Leveraged Tokens, Pre-IPO Contracts, Volatility Contracts, Prediction Markets, Currency Pairs, Staking, and OTC & Institutional Products.
These unique offerings appeal to a variety of traders; as an example, the institutional quant trader may want to leverage the ability to trade tokenised stocks 24/7 while the crypto-native trader can utilise leveraged tokens to trade crypto on margin without having to worry about liquidations or collateral management.
These innovations and the desire to provide the best exchange for digital asset trading comes from the drive to create the greatest positive impact on the world. Sam is a supporter of effective altruism and, in February of 2021, the FTX Foundation was created with the mandate to direct that 1 per cent of FTX fee revenue to organisations offering the greatest positive impact on the world. Since its creation, the foundation has donated USD730,000 to organisations such as GiveDirectly, Clean Energy Innovation and Oxygen for India. USD7.4 million has been earmarked for charitable giving in the three months since inception, with the funds coming predominantly from users of the platform.
Bankman-Fried adds: “I am extremely proud of the milestones that our team has achieved during our short history. That said, this is just the beginning for FTX. We’re continuously looking to bridge the gap between the tools and services used by traditional and digital asset investors. We are determined to lead the industry forward through innovation, and through the FTX Foundation to help change the world for the better.”
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