FTX
 | |
| ISIN | 🆔 |
|---|---|
| Founded 📆 | May 2019 |
| Founders 👔 | Sam Bankman-Fried, Gary Wang[1] |
Area served 🗺️ | |
| Products 📟 | Cryptocurrency exchange, cryptocurrencies |
| Members | |
Number of employees | |
| 🌐 Website | www |
| 📇 Address | |
| 📞 telephone | |
FTX is a cryptocurrency exchange platform that allows users to trade cryptocurrencies.[2][3] FTX is domiciled in Antigua and Barbuda.[4] As of July 2021, the exchange is averaging $10 billion of daily trading volume and has over one million users.[5]
In July 2021, FTX raised $900 million at an $18 billion valuation.[6]
History[edit]
Exchange[edit]
MIT graduates Sam Bankman-Fried and Gary Wang founded FTX in May 2019.[7] Before founding FTX, Bankman-Fried traded international ETFs at Jane Street Capital, a proprietary trading firm, and founded Alameda Research, a quantitative trading firm. [8]
In August 2020, FTX announced the acquisition of Blockfolio, a cryptocurrency portfolio tracking app, for $150 million.[5]
In July 2021, FTX announced it had raised a $900 million Series B fundraise that valued the company at $18 billion. Over 60 investors participated in the round including SoftBank Group Corp., Sequoia Capital, Third Point Management, Paul Tudor Jones, and Alan Howard. At the time of the raise, the deal was the largest private equity round in the cryptocurrency industry.[5]
Products[edit]
FTX offers products for both retail investors and institutional traders.[5] Product offerings include derivatives, options, tokenized stocks, prediction markets, leveraged tokens, and an OTC desk. [9]
FTX's products for users include:
- FTX and FTX Pro: mobile applications available on iOS and Android for trading cryptocurrencies[10]
- FTX Pay: a service that merchants can use to accept payments in crypto and traditional currencies[4]
- FTX NFT: a platform to trade non-fungible tokens[11]
- FTX Card: a Visa-linked debit card powered by Swipe[12]
- An application programming interface (API) for developers to build applications or payment portals.[13]
FTX’s US platform, FTX.US, is a United States licensed and regulated exchange.[14][15] It is a separate exchange from FTX.com.[16] FTX US offers a smaller selection of markets to American residents when compared to its non-US offerings.[5] FTX.com is not available to US residents.[17]
Partnerships[edit]
In April 2021, FTX US acquired 19-year naming rights to the home of the National Basketball Association's Miami Heat in a $135 million deal.[18] The stadium was fully renamed to the FTX Arena in June 2021.[19][20]
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.[21] 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.[22]
In addition, Major League Baseball announced FTX as its official cryptocurrency exchange partner. At the time of the deal, the collaboration is the first-ever partnership between a professional sports league and a cryptocurrency exchange.[23] FTX became MLB's first umpire uniform patch partner. Starting with the All-Start Game on July 13, 2021, the FTX logo appears on the umpire uniform for the remainder of the 2021 season.[24]
Philanthropy[edit]
FTX's CEO Sam Bankman-Fried is a supporter of effective altruism and launched the non-profit FTX Foundation.[4] The FTX Foundation's mandate is to donate 1% of FTX's fees to charities.[25] In July 2021, the FTX Foundation committed to spending a minimum of $1 million in the calendar year to offset the environmental impact of cryptocurrency mining and storage.[26] In addition to being an equity stakeholder, Gisele Bündchen is also FTX’s environmental and social-initiatives adviser.[22]
References[edit]
- ↑ "FTX raises $900M". inside.com. Retrieved 2021-07-28.
- ↑ Ossinger, Joanna. "FTX Deal Gives Institutions New Access to Crypto Markets". Bloomberg. Retrieved 2021-07-28. Unknown parameter
|url-status=ignored (help) - ↑ "Crypto Exchange FTX raises €765M from Sequoia, SoftBank, Daniel Loeb's Third Point, others; valued at €15.3B | Silicon Canals". Retrieved 2021-07-28.
- ↑ 4.0 4.1 4.2 Osipovich, Alexander (2021-07-20). "Crypto Exchange FTX Valued at $18 Billion in Funding Round". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-07-28.
- ↑ 5.0 5.1 5.2 5.3 5.4 Bambysheva, Nina. "Bitcoin Alert: Biggest Private Crypto Deal Ever Is Closed". Forbes. Retrieved 2021-07-28.
- ↑ Sorkin, Andrew Ross; Karaian, Jason; Kessler, Sarah; Gandel, Stephen; Merced, Michael J. de la; Hirsch, Lauren; Livni, Ephrat (2021-07-21). "Another Big Tech Critic Joins Biden's Antitrust Team". The New York Times. ISSN 0362-4331. Retrieved 2021-08-08.
- ↑ "FTX raises $900M". inside.com. Retrieved 2021-07-28.
- ↑ "Sam Bankman Fried Explains His Arbitrage Techniques". finance.yahoo.com. Retrieved 2021-07-28.
- ↑ "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.
- ↑ "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. Unknown parameter
|url-status=ignored (help) - ↑ "Hong Kong's 29-year-old crypto billionaire: FTX's Sam Bankman-Fried". Nikkei Asia. Retrieved 2021-07-29.
- ↑ Lipton, Eric (2021-05-09). "As Scrutiny of Cryptocurrency Grows, the Industry Turns to K Street". The New York Times. ISSN 0362-4331. Retrieved 2021-08-08.
- ↑ "Welcome To FTX Arena". Heat.com (Press release). NBA Media Ventures, LLC. June 4, 2021. Retrieved July 6, 2021. Unknown parameter
|url-status=ignored (help) - ↑ Vela, Hatzel (April 7, 2021). "NBA approves deal to name Miami Heat's home building FTX Arena". WPLG. Retrieved April 26, 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.
- ↑ 22.0 22.1 Hajric, Vildana. "Tom Brady and Gisele Bündchen Take Equity Stake in Crypto Firm FTX". Bloomberg. Retrieved 2021-07-28. Unknown parameter
|url-status=ignored (help) - ↑ "MLB, FTX cryptocurrency exchange partner". MLB.com. Retrieved 2021-07-28.
- ↑ "MLB, FTX Announce Long-Term, Global Partnership". Dodger Blue. 2021-06-28. Retrieved 2021-07-29.
- ↑ Sorkin, Andrew Ross; Karaian, Jason; Kessler, Sarah; Merced, Michael J. de la; Hirsch, Lauren; Livni, Ephrat (2021-05-19). "JPMorgan Shakes Up the Race to Succeed Jamie Dimon". The New York Times. ISSN 0362-4331. Retrieved 2021-08-08.
- ↑ GmbH, finanzen net. "The FTX Foundation Group Launches the FTX Climate Program". markets.businessinsider.com. Retrieved 2021-07-28.
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