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    Finxpd
    Home » FTX US Intends to Be an All-in-One Investment Platform
    FTX US
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    FTX US Intends to Be an All-in-One Investment Platform

    May 27, 2022Updated:September 16, 20223 Mins Read19 Views
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    The FTX US head expressed confidence in receiving the CFTC license required to offer futures to its users. Since its launch at the end of 2020, the US branch of the cryptocurrency exchange FTX has grown at a very fast rate. It went from having 10,000 users to having 1.2 million users in less than 18 months.

    At the World Economic Forum, the president of FTX US talked about the company’s long-term goals. This included asking the Commodity Futures Trading Commission (CFTC) for permission to offer futures options to its users. This also includes identifying what types of firms the company wants to acquire.

    Bitcoin and Ethereum Futures in FTX US

    Just a few days after announcing the start of its stock trading service, FTX US announced its new plan to offer BTC and ETH futures to its customers. Brett Harrison, the president of the exchange, told CNBC that the company has applied to offer BTC and ETH futures to customers in the U.S.

    Moreover, Harrison was confident that offering real-time 24/7 futures margin would boost the exchange’s profitability.

    “Margin is done at most clearinghouses once a day, five days a week. We want to do this every 30 seconds, all day, every day. This is a unique part of our application.”

    Moreover, Harrison praised the watchdog as a “principles-based” regulator who understands cryptocurrencies, adding that the conversation has been positive so far and that he is optimistic regarding the outcome. However, the company had already acquired LedgerX, which has the CFTC license to run a futures exchange. 

    When asked about the company’s growth, the president mentioned the recent campaign to let consumers trade and invest in hundreds of US exchange-listed assets, including ETFs. FTX intends to be an all-in-one investment platform for retail investors, citing Robinhood as an example of a successful platform that connects equity retail investors to digital assets.

    Growth by Acquisition

    FTX US is currently valued at $8 billion, according to Harrison, with strong cash flow and sufficient capital to support its activities. He didn’t say how much money he was trying to raise in 2022.

    He said that the exchange plans to use the money to grow its current business, support its clearinghouse for services related to derivatives, and step up preparations for possible mergers and acquisitions.

    In addition, Harisson mentioned that the organization is open to acquisitions and mergers from a variety of industries as part of its expansion strategy. Acquisitions that help the company get regulatory permits and get more customers will be given top priority.


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    Read more: Cryptocurrencies

    Source: CryptoPotato

    Cryptocurrencies
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