Sam Bankman-Fried’s popular FTX cryptocurrency exchange reportedly plans to add spot trading for several new digital currencies in the coming months, including ADA from Cardano, DOT from Polkadot, and AVAX from Avalanche. The move is part of the platform’s strategy of attracting even more small investors and increasing the number of its customers.
Bankman-Fried, the 29-year-old billionaire who got his fame and fortune through cryptocurrencies, said there are numerous blockchains these days that are pretty important in the crypto industry and FTX wants to connect with them by using their native coins and Token offers.
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At the moment, FTX is most interested in the listing of Polkadot, which dominates the list. He explained that Avalanche (AVAX / USD) and Cardano (ADA / USD) are also on the list, meaning these are the biggest blockchains the exchange is interested in right now. It remains to be seen whether more blockchains will be added to the list in the coming weeks and months.
Currently, FTX is the fourth largest crypto exchange by daily trading volume, and Bankman-Fried is looking to add more listings to help the exchange grow. Because of this, he focuses on the most popular projects that are likely to attract the most volume.
Why ADA, DOT and AVAX?
As many probably know, the altcoin market is booming again, with many projects currently experiencing major rallies regardless of Bitcoin, which is still struggling to hit and break the $ 50,000 mark.
Cardano is one of the best examples of this. It is expected to roll out smart contracts to its mainnet in a few days. The anticipation has driven the price of the coin soaring recently: it has exceeded the $ 3 mark and continues to rise. Cardano is also currently the third largest cryptocurrency by market capitalization, right behind BTC and ETH.
Polkadot and Avalanche, on the other hand, are projects that only started last year but still enjoyed great popularity, drawing FTX’s attention to them as prices, communities and volume increase.
As for FTX, the exchange currently trades primarily in futures products, which allow investors to bet on the performance of cryptocurrencies instead of buying coins and actually owning assets. However, she already offers spot trading, which she would like to expand as it currently only accounts for around 20% of her business, while futures makes up the remaining 80%.
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