Key takeaways:
- FTX US, the US arm of the international FTX exchange is reportedly working on launching a crypto derivatives service, new NFT functionality, and a stock trading feature
- The FTX US exchange’s NFT offering is rapidly becoming one of the most feature-rich platforms in the sector
- FTX US has obtained CFTC licenses necessary to provide derivatives trading services in the US market
FTX US, the United States arm of the FTX international cryptocurrency exchange is reportedly working on several features for its US customers. The exchange is developing a crypto derivatives offering, a new self-hosted non-fungible token (NFT) wallet with support for NFT NFTs and NFT gaming, and on providing access to stocks trading directly on the FTX US platform.
FTX.US is rapidly developing its NFT offering
The president of FTX US Brett Harrison recently tweeted a list of upcoming features that FTX US customers can look forward to launching in the coming months. While the exact date of release of each of the listed services is not yet known, the exchange has made significant strides towards turning its goals into reality.
Back in June, FTX launched its native NFT marketplace and became one of the first centralized exchanges in the world to provide direct access to digital collectibles on its platform. In October, the exchange’s US-based arm added support for Solana-based NFTs, and roughly two months later the support for Ethereum-based NFTs was added as well. The exchange didn’t fall asleep on its laurels and is now working on a self-hosted wallet that supports FTX NFTs.
FTX US has recently signed a deal with NBA franchise Golden State Warriors to become the team’s exclusive NFT platform and collaborate on issuing a set of unique digital collectibles commemorating the rich history of one of the winningest clubs in basketball’s history.
FTX has obtained the licenses necessary for a crypto derivatives launch in the US
FTX US first made its plans of providing crypto derivatives to US customers abundantly clear in October, when the exchange acquired LedgerX, a digital currency futures and options exchange regulated by the Commodity Futures Trading Commission (CFTC).
After the acquisition of LedgerX, FTX moved forward with its plans and obtained the following licenses from CFTC required to offer derivatives in the US: Designated Contract Market (DCM), Swap Execution Facility (SEF), and Derivatives Clearing Organization (DCO).
Additionally, FTX US has become a member of the International Swaps and Derivatives Association (ISDA), a new York City trade association with more than 925 members in 75 countries.
“There has been a lot of tension between industry and regulators, and both sides have, in many cases, left feeling frustrated.” – Sam Bankman-Fried, CEO of FTX
Sam Bankman-Fried, the founder and CEO of FTX and the richest person in crypto, has recently singled out the slow pace at which new crypto regulation is being passed as the key obstacle holding back the adoption of digital assets.
