FTT price soared to a new all-time high after the FTX exchange added LedgerX to its ever-expanding list of acquisitions and partnerships.
Real-world adoption and brand awareness are one of the best ways for a blockchain project to increase its value and attract new users to its ecosystem.
One project that has seen massive growth throughout 2021 thanks to its increasing public exposure and exciting protocol launches and partnerships is FTX, a crypto derivatives trading platform founded by Sam Bankman-Fried and Gary Wang.
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low near $50 on Tuesday, the price of FTT catapulted 42% to a new all-time high of $66.50 on Wednesday as its 24-hour trading volume increased by 200% to $1.675 billion.
The sudden burst in momentum came following Tuesday's announcement that FTX US, the United States-based arm of the exchange, would be acquiring LedgerX, a fully licensed, U.S.-based options and futures trading platform.
We are excited to announce that FTX US is acquiring LedgerX!
— FTX - Built By Traders, For Traders (@FTX_Official) August 31, 2021
We look forward to partnering with the @LedgerX team to offer CFTC-regulated crypto derivatives to the US market. pic.twitter.com/6VgH4psaL5
Through this acquisition, the company will now be able to offer regulated crypto futures and options trading to the US market.
FTX has had a busy year of partnerships and publicity-generating moves, such as purchasing the naming rights for several stadiums and becoming the official crypto exchange sponsor of Major League Baseball, but many feel that this is the biggest development to date for the platform because it gives FTX US a unique product in the U.S. marketplace.
Related: FTX crypto exchange seals $210M naming rights deal for esports behemoth TSM
And just to show that it also has a hand on the pulse of the cryptocurrency community, FTX also recently announced plans to list the up-and-coming Star Atlas gaming metaverse and NFT ecosystems, a highly anticipated project that looks to capture the surging momentum of the NFT and gaming sectors.
That's one small step for a man, one giant #listing for mankind. - @staratlas pic.twitter.com/MCY72eWNsN
— FTX - Built By Traders, For Traders (@FTX_Official) August 31, 2021
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments