FTX US earlier became the first NFT market to list Ethereum and Solana based NFTs.
FTX US, the US arm of FTX.COM, a global crypto exchange, has announced that it is working to make crypto derivatives and non-fungible tokens (NFTs) accessible to its clients on the platform. In addition, the exchange seeks to offer tokenized stock trading to its US clients. This was revealed by Brett Harrison, President of FXT US, when discussing the process the exchange goes through to create a self-hosted wallet to support FTX NFT and NFT games.
Steps to offer these services began in October when FTX US acquired Ledger Holdings to expand its services to derivatives. Ledger Holdings is the parent company of the LedgerX crypto derivative.
FTX US earlier became the first NFT market to list Ethereum and Solana based NFTs. With the positive response from users and the boom in the NFT market, the space has become more competitive as Binance and Coinbase Global Inc (NASDAQ: COIN) step up their operations. Since Coinbase announced in October that it was working on an NFT marketplace, the exchange has registered millions of listings on its platforms within weeks of the announcement.
About two weeks ago, FTX US announced a partnership agreement with the Golden State Warriors professional basketball team. The basketball team is looking to build NFTs, and as part of the deal, FTX US will be the primary launch location for its digital assets.
FTX CEO worried about crypto regulation
FTX CEO Sam Bankman-Fried announced that FTX US has become a member of the International Swaps and Derivatives Association.
“We are delighted to announce that FTX US is now a member of @ISDA. We look forward to working alongside ISDA and its CEO @ScottOMalia as we continue to develop the crypto derivatives markets in the US and globally, ”he said. announcement.
Interestingly, this groundbreaking development comes at a time of enormous regulatory uncertainty in the crypto industry. Recent decisions by financial regulators mean that FTX must launch its products in compliance with the regulations.
With the growing crypto market and its popularity among traditional institutions, Bankman-Fried believes that regulation is the missing piece to crypto’s full success. The lack of a clear process for issuing tokens, regulating platform registrations as well as stablecoins in multiple jurisdictions is the obvious challenge facing the market.
According to him, this can be resolved by working in collaboration with other stakeholders. He also believes cash should be allowed to flow to Europe and the United States.
“Stable coins are perhaps the simplest: create a framework based on reporting / transparency / auditing to make sure they are supported as they say they are. This would solve 80% of the problems while still allowing stablecoins to thrive on land, ”he said.
Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, fintech platform operations manager, writer, researcher, and avid fan of creative writing. With a background in economics, he is very interested in the invisible factors that cause price changes in anything measured with valuation. He has been in the crypto / blockchain space for the past five (5) years. He mainly watches football and movies highlights in his spare time.