FTX pumps out 46 percent in just seven days - LedgerX gets bought out

FTX buys out LedgerX. This news is causing a furore among investors – the price is exploding. The token is up 32 percent since yesterday. Will the crypto exchange soon compete with Coinbase or Binance?

On August 31, crypto exchange FTX announced that it had bought LedgerX – not to be confused with hardware manufacturer Ledger. LedgerX offers options and futures on cryptocurrencies to its customers – something FTX already does. By acquiring LedgerX, FTX aims to offer CFTC-regulated cryptocurrency derivatives in the US market. The announcement sent investors into a frenzy and bought the order books empty, with the FTX token price shooting up 32 percent within 24 hours. In the process, the token also posted an impressive price increase of over 46 percent over the last seven days. But also on a monthly basis it looks golden for FTX token owners – the price has risen by 83.95 percent during this time. This makes the FTX token one of the top performers in the crypto market. The latest price fireworks set a new all-time high of $69.38 on September 2.

The US crypto exchange FTX once began as the bold idea of two young men, Sam Bankman-Fried and Gary Wang. Both were dissatisfied with the supply of crypto exchanges at the time and did the only logical thing: they founded their own. Today, three years after founding, Sam Bankman-Fried is a multi-billionaire and the Bitcoin exchange he founded is one of the largest in the world.

FTX expands its partnerships

Meanwhile, FTX’s list of partnerships is getting longer and more prestigious. For instance, just towards the end of June, US-based bitcoin exchange FTX announced that it had landed two new partnerships in the sports industry. Crypto exchanges enjoy many benefits by supporting sports teams. This is because sporting events expose their own services to a wide audience and thus market them well.

In one partnership, FTX was able to win over the professional baseball association “Major League Baseball” (MLB). The second alliance also managed to excite many crypto enthusiasts in the United States: a partnership with Tom Brady. Not only that Tom Brady is associated with the Tampa Bay Buccaneers could win the Super Bowl in 2021, he also professes to be a Bitcoin fan on Twitter. He does so in the manner of long-established crypto advocates – his profile picture is a portrait of himself with laser eyes.

An exchange on the fast track

Excitement remains around Sam Bankman-Fried’s crypto exchange. The big top dogs in the crypto space so far are Coinbase and Binance. Bankman-Fried’s bitcoin exchange has the potential to join and even compete with the other two big players. By buying LedgerX, the FTX exchange is expanding its ecosystem and increasing the pace for catching up or overtaking.