FTX is a prominent cryptocurrency exchange platform using a single-margin wallet. The wallet has now added BSUD and BNB to its list, so users can trade BEP-20 tokens in its wallet.
Significantly, this was not an official announcement, the CEO of FTX, Sam Bankman-Fried confirmed the support for Binance Smart Chain. With this piece of information, it confirms that FTX supports both the native coins of Binance, BSUD and BNB.
https://t.co/sXsXgpU6fO now supports BSC for BUSD and BNB! (Withdrawals are live — I *think* deposits are; otherwise they will be very soon.) https://t.co/wgYx2o5zUr pic.twitter.com/lKDSwbE53I
— SBF (@SBF_FTX) August 5, 2021
Moreover, the tweet says that withdrawal is live and the company will soon avail deposit option for users. However, this service is not available for the FTX US platform as well as other prohibited states.
In an interview, Bankman-Fried mentioned that the government might want three to five years to clarify the regulations for the crypto business.
Series B Funding
Recently, FTX closed its Series B Funding Round with more than 60 investors and raised around $900 million. The company had a valuation of $18 billion, besides, these raised funds were used to expand and increase FTX users.
Furthermore, the company has recently limited its users to leverage transactions up to 20x rather than 101x. The reason behind this move was to reduce the volatility risk related to crypto trades. As a matter of fact, the exchange did not experience a drop in trading volume following the announcement.
Binance, surprisingly, employs similar strategies to reduce volatility risk and market adoption. FTX, on the other hand, implements a wide range of additional strategies to differentiate itself from the competition. Bankman-Fried recently stated that if FTX outperforms Binance and Coinbase, it may acquire Goldman Sachs and CME in the future.