Sam Bankman-Fried’s popular FTX cryptocurrency exchange reportedly plans to add spot trading for several new digital currencies in the coming months, including Cardano’s ADA, Polkadot’s DOT, and Avalanche’s AVAX. The move comes as part of the platform’s strategy to attract even more retail investors and increase its number of clients.
Bankman-Fried, the 29-year-old billionaire who found his fame and wealth through cryptocurrency, said that there are numerous blockchains that are quite important in the crypto industry these days, and FTX aims to connect with them by offering your native coins and tokens. .
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At the moment, FTX is the most interested in listing Polkadot, which dominates its list. Avalanche (AVAX / USD) and Cardano (ADA / USD) are also on the list, as he noted, and concluded that these are the largest blockchains the exchange is currently interested in. It remains to be seen whether or not additional chains might make the list in the coming weeks and months.
At the moment, FTX is the fourth largest cryptocurrency exchange by daily trading volume, and Bankman-Fried is aiming to add more post listings to help the exchange grow even further. This is why it focuses on the most popular projects that are likely to attract the most volume.
Why ADA, DOT and AVAX?
As many probably know, the altcoin market is once again booming, with many projects currently experiencing significant price increases on their own, regardless of Bitcoin, which is still struggling to come back and break the $ 50,000 barrier.
Cardano is one of the leading examples, and it is expected to introduce smart contracts to its mainnet in just a few days. Anticipation has led its coin to skyrocket recently, passing the $ 3 mark and rising even higher. Cardano is also currently the third largest crypto by market cap, right behind BTC and ETH.
Polkadot and Avalanche, on the other hand, are projects that were launched only last year, but still saw huge amounts of popularity, which caught the attention of FTX due to their increasing prices, communities, and volume.
As for FTX, the exchange currently primarily trades in futures products, allowing investors to bet on which direction cryptocurrency prices will go, rather than having to buy currencies and own assets. However, you already offer spot trading, which you want to improve, as it currently only translates to around 20% of your business, while futures dominate with the remaining 80%.
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