FTX US, the US arm of FTX Exchange is looking to add digital payments, crypto derivatives, a host of NFT Services, etc to its arsenal.
FTX exchange, the Bahamian cryptocurrency exchange firm, is pondering over increasing its value proposition in the United States. Its current proposition includes introducing services related to NFTs, tokenized stock trading, digital payments, gaming and crypto derivatives.
FTX’s founder Sam Bankman-Fired revealed on Twitter the firm’s plans to augment its product offerings in the US. In a tweet made on December 29, the CEO listed all the forthcoming services on FTX. He added that his team is the most excited about the listed services. In a thread of tweets, he included several tweets of FTX’s employees and associates, highlighting the direction the company is heading into.
Brett Harrison, president of FTX US, also made a significant announcement in SBF’s Twitter thread. According to Harrison, the crypto exchange firm is planning crypto derivatives and stock trading on its app. In addition, the company will launch a wallet, hosted by itself, that will support FTX Non-fungible tokens (NFTs).
FTX Exchange and Crypto Derivatives
A major highlight of the announcement made by Sam Bankman-Fried was the idea of offering crypto derivatives to FTX’s US customer base.
A derivative is a product or a contract that carries its value on the back of an underlying asset. To be precise, it’s the performance of the underlying asset that drives the value of a derivative.
Hence, a crypto derivative is a derivative that has any cryptocurrency as its underlying asset.
FTX has had crypto derivatives on its list of product offerings in the US for a long time. This year, in October, FTX made a move to include crypto derivatives in its list of services by acquiring Ledger Holdings Inc. Following this, FTX rebranded LedgerX, whose parent company is Ledger Holdings, to FTX US Derivatives due to some legal hindrances.
