Binance, founded in 2017, is one of the world’s largest crypto exchanges and has made an exclusive investment in FTX (at the time of writing). According to Bloomberg, Binance bought a “double-digit” ownership percentage of the exchange at the cost of “tens of millions” of dollars.
It is claimed that FTX.com has a frequent volume of $500M USD per day, making it one of the largest crypto exchanges in the world.
How will Binance help FTX?
According to the announcement by FTX.com, “The investment and the partnership with Binance will accelerate FTX’s growth, allowing us to scale stronger and faster.”. In essence, it is thought that Binance will help market the exchange and help its user base grow due to the credibility it has within the industry.
It will be interesting to see how this partnership affects the popularity of FTX.com.