On the 20th of December 2019, Binance announced a strategic partnership with FTX, another popular exchange showing promise with Traders looking for more options and opportunities. Binance will list FTT, the Exchange Token functioning on the FTX Platform. The listing of FTT shows a big step forward for Binance which is void of any other major exchange tokens such as Huobi’s HT, Kucoin’s KCS and OKEx’s OKB token.
Binance hasn’t disclosed the sum of funds invested in the FTX Platform but both Teams were quick to publish their partnership on Twitter with @SBF_Alameda sharing an image of himself and Binance CEO Changpeng Zhao shaking hands shortly before the announcement was made. Twitter has since taken off with the news with the majority of Traders showing their support.
Details are available on the Binance Blog, here’s a quick summary.
“As part of the strategic partnership, Binance and FTX will work together to further develop the cryptocurrency ecosystem. In addition to the equity investment into FTX, Binance has also taken a long-term position in the FTX Token (FTT) to help enable the sustainable growth of the FTX ecosystem, aligning with the broader scope of the partnership. FTX will also help build out the liquidity and institutional product offerings across the Binance ecosystem, including its exchange (Binance.com) and over-the-counter (OTC) trading desk. FTX is also developing a wide range of products that will help give users access to an entire tokenized ecosystem and will be working with Binance on developing them.” (source)
With the latest announcement from Binance and FTX, questions are abound surrounding what we can see from the two Teams in the near future. FTX Exchange began operating in just May of 2019 and had a relatively late start to the derivatives market that we’ve seen explode over the past year. It’s impressive to see Binance taking notice and working with FTX, even going as far as to list FTT on the Binance platform. Considering Binance is yet to list major exchange tokens such as OKB, HT and KCS, the listing of FTT is sure to be a shock to other exchanges who have rarely had their own tokens listed on competitors platforms.
We’re looking forward to seeing what Binance and FTX can do together. Traders are sure to be a priority to the two platforms and it’s excellent to see both Teams putting their competitive natures aside to work together. We’ll be sure to keep you updated as more details emerge.