#Binance Announces Strategic Investment in FTX and Lists FTX Token (FTT)https://t.co/wcedKpy9ds pic.twitter.com/dVrLCQiV74 — Binance (@binance) December 20, 2019
While Binance has not itself disclosed the sum of its investment, Sam Bankman Fried, the Founder of FTX and Head of its affiliate Alameda Research, a quantitative trading firm, and crypto liquidity provider, said that it was to the order of “tens of millions.”
JUST IN: @binance has invested an undisclosed amount of money in derivatives platform @FTX_Official as part of a strategic partnership between the two firms.@wsfoxley reports.https://t.co/o05zTuPfxS — CoinDesk (@coindesk) December 20, 2019
It has been analyzed that the derivatives exchange was founded in early 2019 and provides professional derivative trading products including quarterly and perpetual contracts on various crypto assets, leverage tokens and over-the-counter (OTC) services.
Changpeng Zhao (CZ), the CEO of Binance, stated:
“With their backgrounds as professional traders, we see quite a bit ourselves in the FTX team and believe in their potential in becoming a major player in the crypto derivatives markets.“