FTX exchange to list ADA and DOT for spot trading
Sam Bankman-Fried’s popular cryptocurrency exchange FTX plans to add spot exchanges for several new digital currencies in the coming months, including Cardano’s ADA, Polkadot’s DOT and AVAX of Avalanche. The move is part of the platform’s strategy to attract even more retail investors and increase its customer base.
Bankman-Fried, the 29-year-old billionaire who found his fame and wealth through cryptocurrency, said that there are many blockchains that are quite significant in the crypto industry these days, and FTX aims to connect with them by offering their native coins and tokens. .
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At the moment, FTX is most interested in listing Polkadot, which dominates its list. Avalanche (AVAX / USD) and Cardano (ADA / USD) are also on the list, as he noted, concluding that these are all the biggest blockchains the exchange is interested in right now. It remains to be seen if any additional channels could be on the list in the weeks and months to come.
At the moment, FTX is the fourth largest crypto exchange in terms of daily trading volume, and Bankman-Fried aims to add more post listings to help the exchange grow further. That’s why it focuses on the most popular projects that are likely to attract the most volume.
Why ADA, DOT and AVAX?
As many are probably aware, the altcoin market is booming again, with many projects currently experiencing major price increases on their own, regardless of Bitcoin still struggling to come back and break through the barrier to $ 50,000.
One of the prime examples is Cardano, which is expected to introduce smart contracts to its mainnet in just a few days. Anticipation has led its coin to soar recently, breaking above the $ 3 mark and rising further. Cardano is also currently the 3rd largest crypto by market cap, just behind BTC and ETH.
Polkadot and Avalanche, on the other hand, are projects that were only launched last year, but they have always enjoyed great popularity, which has brought them to the attention of FTX due to their prices, growing communities and volumes.
As for FTX, the exchange currently primarily trades in futures, which allows investors to bet on where crypto prices will go, instead of having to buy coins and own assets. However, it already offers spot trading, which it wants to improve, as it currently only accounts for around 20% of its business, while futures dominate with the remaining 80%.
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