Crypto exchange FTX scores $8m in funding

Cryptocurrency derivatives exchange FTX has scored $8m in funding, coming shortly after the platform exceeded $300m in total trading volume.

The round was backed by investors including Proof of Capital, Consensus Lab, FBG, and Galois Capital.

FTX was designed to help traders and investment professionals with secure futures trading exchange within the digital asset ecosystem.

Users can access quarterly and perpetual futures on cryptocurrencies and altcoins like Bitcoin, Ether, Binance Coins and Tether, or a user can trade more than 20 tokens types without fees.

The FinTech has witnessed strong growth over the past year having recently surpassed the $300m total trading volume mark and launching new features and services, including spot orders, leaderboards, an altcoin index futures.

Additionally, the company released a native utility token FTT which gives holders benefits such as buy and burn, lower trading fees, OTC rebates, and collateral for futures trading.

FTX co-founder and CEO Sam Bankman-Fried said, “I’m personally very passionate about trading, so FTX is a platform built by traders, for traders. In creating FTX, I wanted to build a platform for professional traders like me, while also bringing crypto trading to the mass market and first-time users.”

The global financial market has been split on cryptocurrencies, with regulators all coming to different stances on the asset types. Earlier in the month, the Iranian government issued new rules on its domestic crypto market which could see trading become illegal. A new bill will state that the government shall not recognise digital currency trading as lawful.

Meanwhile, the UK’s Financial Conduct Authority has recently released new guidance on cryptos which it regulates. The new information aims to support players in the field and ensure the safety of operations.

Copyright © 2019 FinTech Global

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