Today we are excited to announce that Binance has become a significant supporter of FTX via a strategic investment into FTX.
To date, Binance is the first and the only outside investor into FTX. This investment indicates a significant partnership between both teams. With the joint efforts, we expect to further grow the crypto derivative markets, build better crypto trading products and platforms, and identify compelling business opportunities across the industry and beyond.
Over the past years, FTX, as well as the Alameda team, has built a strong partnership with Binance. FTX has listed BNB spot and futures markets. FTX has added BUSD to the set of USD stablecoins that power FTX; BNB is also usable as collateral on FTX. In addition, Alameda Research has partnered with Binance to provide liquidity across their entire product suite, including Binance.com, Binance OTC, and Binance.US. This underscores our efforts to continue to work together on the Binance and FTX markets, which are already the world’s most liquid spot exchange and the world’s most liquid derivatives exchange.
Binance has been a trustworthy partner and strong supporter in our previous work with them. As the world’s leading spot exchange and one of the fastest growing companies in the industry, Binance’s experience and know-how will help FTX grow faster and larger. In addition to the exchange, Binance has built the most comprehensive ecosystem in the industry including many new initiatives, such as Binance Launchpad, Binance Labs, Binance Charity Foundation, and Binance X. This experience will also help FTX further build a broader ecosystem and platform of our own. Furthermore, Binance’s global outreach will also empower FTX to expand to more markets. Meanwhile, we are also excited to help Binance continue to grow its institutional reach; to further increase the Binance family’s global liquidity; and to keep increasing the range and power of trading features on Binance.
Since launching in May this year, FTX has been constantly making progress. In our first eight months of operation we have reached US$500m trading volume per day (peaking above US$1 billion), placing us in the top ten cryptocurrency exchanges globally. Our markets are among the most liquid in the industry, and we have an innovative and ever growing suite of products. We have also launched FTT, the FTX ecosystem token. Modeled after BNB, FTT is a top-40 coin that grows from Buy and Burns, fee discounts, insurance fund growth, collateral usage on FTX, and much more. FTT first began trading on FTX in July and is one of the best performing coins of the year, with FTT/BTC up over 100% since listing.
The investment and the partnership with Binance will accelerate FTX’s growth, allowing us to scale stronger and faster. We are also developing some new initiatives that we will be excited to announce to the public soon. Meanwhile, we will maintain our independent operations and are looking forward to exploring more collaboration opportunities with more partners from the industry.