FTX, a San Francisco, CA-based cryptocurrency derivatives exchange for traders, raised $8m in funding.
Backers included Proof of Capital, Consensus Lab, FBG, and Galois Capital.
Incubated by Alameda Research, a quantitative trading firm that trades up to $1 billion per day and manages over $100 million in digital assets, FTX provides traders and investment professionals with a futures trading exchange focused on the digital asset world. Its platform offers futures trading, leveraged tokens, and an OTC portal.
Led by CEO Sam Bankman-Fried, CTO Gary Wang, COO Andy Croghan, FTX supports quarterly and perpetual futures on major cryptocurrencies and altcoins like Bitcoin (BTC), Ether (ETH), Binance Coin(BNB), and Tether (USDT), along with various altcoin, midcap, and other indices.
In addition to the futures market, investors can also use the platform to make OTC trades on over 20 coins with no fees and instant settlement.
Leading up to the capital raise, the company recently crossed $300m in total trading volume and launched several new features and products, including spot orders, leaderboards, altcoin index futures, and more. The exchange also issued its native utility token, FTT, which provide holders with a number of unique benefits, such as ⅓ revenue buy and burn, lower trading fees, OTC rebates, and collateral for futures trading.