the exchange US FTX It is intended to be an all-in-one investment platform, Chairman Brett Harrison said in an interview with CNBC.
- FTX hopes to soon be licensed to offer BTC and ETH futures in the US.
- In the United States, the FTX user base increased
- FTX US currently has a valuation of USD $8 billion
The crypto crisis does not make the exchanges stop.
Brett Harrison, President of US FTXthe US arm of the exchange FTXexpressed his confidence that he will receive the license required by the Commodity Futures Trading Commission, CFTCfrom the United States, to offer future Bitcoin to its users.
Harrison outlined the company’s long-range plan in the World Economic Forum, including seeking CFTC approvals to offer futures options to its users and identifying what types of businesses the company intends to acquire.
Just a few days after announcing the launch of its stock trading services, US FTX unveiled its new plan to offer BTC and ETH futures. In an interview with CNBC, the exchange’s president, Brett Harrison, said that the company has applied to offer BTC and ETH futures to US clients.
This is what Harrison commented on Twitter, announcing the interview:
in FTX user and revenue growth, operating a retail broker-dealer, working with the CFTC, our plans to offer crypto futures trading on margin to US clients, how we assess deal flow, our plans for future acquisitions, and more!
on @FTX_Official user and revenue growth, operating a retail stock brokerage, working with the CFTC, our plans to offer crypto futures trading on margin to US customers, how we evaluate deal flow, our plans for future acquisitions, and more! ⬇️ https://t.co/28Sac3Y7GR
— Brett Harrison (@Brett_FTXUS) May 26, 2022
Growth and plans
He said that the US arm of the FTX exchange has seen exponential growth since its launch in late 2020. In less than 18 months, its user base has grown from 10,000 to 1.2 million people.
Harrison is confident that the plan to offer the first real-time 24/7 margin for futures would significantly improve the exchange’s potential earnings:
“For most clearing houses today, margining is done once a day, five days a week. We propose to do this in real time, every 30 seconds, 24/7, and that is a novel aspect of our application”.
Harrison praised the watchdog as a regulator “based on principles” that he understands cryptocurrencies, adding that the conversation has been positive so far and he is hopeful about the outcome. In August 2021, the company acquired LedgerXwhich has the licenses of the CFTC to trade a futures exchange.
When asked about the company’s upcoming growth, the president commented on the recent push to allow users to trade and invest in hundreds of US-traded securities, including ETFs. Go, for example, to Robin Hood as a successful example funneling retail equity investors into digital assets. In this regard, Harrison said FTX It aims to be an all-in-one investment platform for retail investors.
Harrison said that US FTX It is currently valued at USD$8 billion, with good cash flow and sufficient capital to support its operations. He did not disclose plans to raise additional funds in 2022.
He noted that the exchange aims to use such resources to strengthen its existing business, fund its clearing house for derivatives-related services, and increase efforts for potential merger and acquisition opportunities.
Regarding the company’s expansion plan, Harisson also noted that it remains open to acquisitions and mergers from multiple sectors. In particular, acquisitions that could bring in a new user base and obtain regulatory licenses will be what the company will look for.
You can listen to it here:
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