Binance Grows Further: New Partnership With FTX Exchange

Binance grows further this year after the new strategic investment in the crypto derivatives exchange FTX. By working together and delivering beneficial products, the community wonders if the companies can actually disrupt the dominance that is established by other exchanges on the market as we can read further in the Binance news below.

The largest crypto by volume Binance grows more by announcing yesterday its new investment plans in the crypto derivatives exchange FTX. Both companies will reportedly join forces that will develop the cryptocurrency ecosystem even further. Binance takes a long-term position in the FTX token so the derivatives exchange returns the favor by helping build the liquidity and the institutional product offerings.

Binance’s CEO Changpeng Zhao explained that this partnership will help both of the companies and that FTX will only become a bigger player in the crypto derivatives market:

‘’The FTX team has built an innovative crypto trading platform with stunning growth. With their backgrounds as professional traders, we see quite a bit ourselves in the FTX team and believe in their potential in becoming a major player in the crypto derivatives markets. We are pleased to have an excellent partner joining the Binance ecosystem and aim to grow the crypto market together. ‘’

The last thing that CZ explained was also that the community seems to be wondering about which is by working together both of the companies can challenge the dominance from the largest crypto margin trading exchange such as OKEx, BitMEX, and Huobi. The top three exchanges are exactly the previously mentioned exchanges and Binance’s volume reached $2.24 billion while FTX was close to $500 million which means that both of the companies have a long way to go even after they combined their volume.

It is also worth noting that the improvements of Binance are only speeding up and Binance Futures noted its all-time high at the time of $850 million traded in one day after a few weeks ago it recorded a new ATH at more than $2.5 billion. This shows the 3x multiplication within a few months and the most recent partnership is expected to bring more impressive results in the near future.