There has been a lot of discussion recently about the platforms and whereabouts of crude oil futures to trade, it seems that FTX was listening to the demands of the crypto community and decided to offer crude oil futures on its cryptocurrency futures trading platform.

she decided The FTX platform provides crude oil futures contracts, as oil prices for the May contract fell below zero for the first time in history earlier this week.

FTX oil futures expire at the WTI spot price, plus $100, which means the platform adds $100 per contract if the spot price turns negative.

FTX founder and CEO Sam Bankman told Fred that the platform has a lot of demand for oil futures, and therefore decided to go ahead with it.

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Sam Bankman Fred said:

The demand was everywhere, it is the most requested product by most of our users.

Users need to pass a Level 1 KYC procedure on the FTX oil futures trading platform, and must not be residents of the US, UK, EU, UAE, Canada, Hong Kong, Singapore, Cambodia, Turkey and China, based on their KYC details or IP addresses.

Fred Bankman stated:

Since most countries are banned from trading oil futures, we are likely to see the majority of trading coming from Asia.

Bankman Fried added that oil futures contracts are currently expiring monthly, although FTX has changed that on demand.

According to the same spokesperson, who stated that looking to the future, FTX also plans to launch tokens “soon” based on oil futures contracts.

The FTX platform was launched in May 2019, and it appears to be launching new products rapidly in recent months. Last week, the platform launched two new tokens linked to the volatility of bitcoin prices. In February, FTX launched futures contracts for the re-election of “Donald Trump” and other US presidential candidates.

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There are currently about 35 people working for FTX, and the platform team is growing by about 10% per month, Fried said, adding that the goal is to double the team to 70 over the next year.

The FTX platform is backed by popular investors, including Binance and Consensus Lab.

The platform has raised more than $8 million so far via a token sale last year. In February, FTX was looking to raise $15 to $30 million through the sale of shares, and he had recently told “Bankman Fried” that the Corona virus had slowed the sale of shares.

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