FTX's Blessed Year - Bitcoin exchange plays on all fronts in 2021

FTX is making a splash this year – Sam Bankman-Fried-ledexchange FTX is becoming the second largest exchange in the cryptocurrency futures markets. The platform is pulling out all the stops in 2021, breaking records in terms of funding, taking on new sectors and increasing its strategic partnerships.

FTX: Binance’s new challenger in futures

According to a report by Arcane Research, FTX’s market share in futures has doubled since June 2021, rising from 9% to 16% from the end of June to August 10. FTX is now the second largest exchange in the cryptocurrency futures markets, just behind Binance.

The report states:

“The exchange has long been the second largest futures market in the broad crypto sector, but its Bitcoin futures have lagged behind OKEx, CME (Chicago Mercantile Exchange) and Bybit until recently.”

As a reminder, Bybit’s Bitcoin Perpetual Swap was the dominant futures contract when Bitcoin hit an all-time high of over $64,000 in April 2021.

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Record fundraising, high-profile partnerships and diversification

FTX is reaping great results in the derivatives markets, as the exchange has embarked on other major efforts to grow in 2021.

On July 20, for example, FTX announced the closing of a $900 billion fundraising from 60 investors, including Paradigm, Ribbit Capital and Sequoia. Its valuation at the time was $18 billion. FTX thus broke Circle’s record at $440 million in May 2021.

And the exchange has not only increased its firepower from a financial perspective. It has also invested hundreds of millions of dollars in strategic marketing partnerships with renowned sports organizations such as the Miami Heats and Major League Baseball (MLB).

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FTX’s ambitions don’t stop there. The exchange wants to create an NFT exchange platform, thanks to a collaboration between Dolphin Entertainment and the exchange’s parent company, West Realm Shire Services. The platform is aimed atera to brands in a variety of sectors: sports, movies, music, games, etc.

FTX is now one of the heavyweights of the cryptosphere, and the exchange is thinking big. Sam Bankman-Fried goes so far as to predict a buyout of the big players in traditional finance by companies in the new finance. The exchange wants to shine like its ambassador, American footballer Tom Brady, who has already won 7 Super Bowls.

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