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FTX

Overview
Activities

Based in the Bahamas, FTX is a cryptocurrency exchange, which in addition to allowing users to buy and trade cryptocurrencies, such as Bitcoin and Ethereum, also offers the ability to trade tokenized securities and crypto-based derivatives. FTX served over one million users as of July 2021 and reported an average daily trading volume of USD 14 billion as of October 2021. The company applied to form a limited purpose trust company via a trust charter with the New York Department of Financial Services (NYDFS) which will enable it to offer its products and services within the state.

Through its marketplace, FTX offers access to tokenized securities from a wide range of listed companies such as Apple, Google, Facebook, and Tesla, among others. Investors in these tokenized stocks will also be entitled to any dividends and can participate in any corporate actions initiated by the underlying company. FTX’s marketplace also supports the trading of DeFi tokens like Dai, Aave, and Compound. The company also began testing a stock trading feature in their platform in May 2022, which provides users the ability to fund their account using the stablecoin USDC.

In August 2021, the company announced the acquisition of crypto derivatives company LedgerX in a bid to secure the licenses required to pave the way for FTX to start offering crypto derivatives. 

In November 2022, the company declared bankruptcy and is no longer operational.

HQ Location:
Nassau BAH
Founded year:
2019
Employees:
101-250

EDGE Insights

Tokenization: trillions for the taking with the new kid on the block(chain)
Esports June Scorecard: Crypto came to play

Recent Updates

Industry news
Jan 31, 2023
FTX sues bankrupt crypto-lending platform, Voyager Digital, for USD 446 million
Decentralized Finance (DeFi)
Industry news
Nov 29, 2022
Serum becomes latest casualty following the collapse of cryptocurrency exchange FTX
Decentralized Finance (DeFi)
Management news
Industry news
Nov 28, 2022
BlockFi files for Chapter 11 bankruptcy
Decentralized Finance (DeFi)
Partnerships
Jul 2, 2022
FTX signs deal with BlockFi; includes potential acquisition for USD 240 million
Decentralized Finance (DeFi)
M&A
Jun 24, 2022
FTX reportedly in talks to acquire BlockFi
Decentralized Finance (DeFi)
Partnerships
Aug 3, 2021
Riot Games signs historic esports league sponsorship agreement with FTX
Esports
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