FTX (company)
FTX is a cryptocurrency exchange focused on cryptocurrency derivatives and also offers cryptocurrency futures, leveraged tokens and OTC trading.
Based in Antigua with its main offices in Hong Kong, 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.[1][2] The company aims to distinguish itself from other by exchanges by providing institutions access to crypto markets.[3]
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.[4]
History[edit]
2021[edit]
In July 2021, FTX raised $900m from sixty investors, including Softbank, Sequoia Capital and Thoma Bravo, valuing the company at $18B.[5][6] The purpose of the funds was mainly to grow in the US.[7] Binance, a competitor which invested in the company in 2020, divested of its share in 2021.[8]
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.[9]
Following a May 2021 crash in cryptocurrency prices, FTX introduced measures to reduce leverage to curtail risky trades made on its platform.[10][11]
Blockfolio[edit]
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.[12] In 2021, FTX rebranded Blockfolio to FTX.[13]
FTX Arena[edit]
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.[14][15]
FTX Field at California Memorial Stadium[edit]
In August 2021, FTX agreed to pay US$17.5 million for the naming rights to California Memorial Stadium for ten years [16]
Reference section[edit]
- ↑ "Crypto firm FTX Trading's valuation rises to $18 BLN after $900 MLN investment". Reuters. 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.
- ↑ Kruppa, Miles (20 July 2021). "Crypto exchange FTX secures backing from venture capital and hedge funds". Financial Times.
- ↑ 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?". Fortune.
- ↑ "'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
- ↑ "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.
- ↑ "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.
- ↑ https://www.bloomberg.com/news/articles/2021-08-23/ftx-crypto-exchange-buys-cal-memorial-stadium-naming-rights
External links section[edit]
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