FTX crystal exchange, run by Michael Fried and Sam Bankman, is anticipated to offer spot trading for a large number of new digital currencies in the next months, including Cardano ADA, Polkadot’s DOT, and Avalanche’s AVAX, among many others. To attract more retail investors and expand its client base, the platform is taking this step.
In an interview with Bankman-Fried, the millionaire who has achieved fame and fortune by selling local tokens, Bankman-Fried stated that several blockchains are pretty well-known in the cryptocurrency market at the current time.
In particular, FTX is interested in listing Polkadot, which currently tops the company’s current roster. Avalanche (AVAX/USD) and Cardano (ADA/USD) are among the cryptocurrencies on the list, as he said, demonstrating the current level of interest in the exchange across all of the major blockchains.
Other chain restaurants may be added to the list in the next weeks and months, but it is still unclear at this time. FTX is the fourth largest daily crypto exchange in the world, and Bankman-Fried intends to expand the exchange’s postal listings to accommodate its continued expansion. As a result, he concentrates his efforts on the most popular initiatives with the most potential for volume.
What is the purpose of the ADA, DOT, and AVAX?
It’s well-known that the Altcoin market is rebounding, with several projects experiencing significant price rises independent of Bitcoin, which has broken over a psychologically significant price barrier of 50,000 dollars and is continuing to do so.
Cardano is an excellent example since the cryptocurrency will implement intelligent contracts on its mainnet in the next few days. The expectation has lately driven the coin’s price to new highs, exceeding 3$ and rising even more in recent weeks. Cardano is also the third most valuable cryptocurrency in terms of market value, after only Bitcoin and Ethereum.
Polkadot and Avalanche, on the other hand, were just introduced a year ago, but have maintained a high level of popularity, bringing attention to FTX through rising prices, their respective communities, and their volume.
In terms of FTX, the exchange has shifted its focus to future products, which allows investors to direct the direction in which cryptocurrency prices move, rather than purchasing coins and acquiring actual assets as in the past. In addition to spot trading, the business plans to expand this service, which now contributes around 20% of its revenue, with the remaining 80% expected to come from this source in the foreseeable future.
