According to the Bloomberg report, Binance has taken a minority stake in crypto derivatives exchange FTX. FTX founder and CEO Sam Bankman said that the investment made by the Malta-based exchange is in “tens of millions.”Earlier, the court had dismissed a $150 million lawsuit against FTX exchange.
Binance invests in seven months old startup.
The CEO of FTX, Sam Bankman, said that the investment from Binance would help accelerate the growth of FTX with support and strategic advisory from the company while it maintains its independent operations. The derivatives exchange, in return, will help develop Binance’s products, such as its over-the-counter trading desk. FTX was launched this year in May, and it operates from the Caribbean islands of Antigua and Barbuda.
“FTX has the potential to become a major player in crypto derivatives markets.”
CEO of one of the world’s leading crypto exchanges, Changpeng Zhao said that the FTX team had built an innovative crypto trading platform with stunning growth. He added that they Binance sees quite a bit of themselves in the FTX and believes in their potential in becoming a major player in the crypto derivatives markets. Earlier, Binance acquired India-based Warzix and JEX, a Seychelles-based spot and derivatives platform. FTX had raised $8 million in a seed funding round.