Binance has invested an undisclosed amount in crypto derivatives trading platform FTX as part of a strategic partnership between the two companies.

Among what was announced on Thursday was that Binance bought shares in the crypto derivatives exchange FTX and bought long positions of “FTT” coins, the native currency of the FTX platform.

Mr. Sam Bankman Fred, founder of FTX, said:

The investment will help accelerate FTX’s growth with support and strategic advice from Binance while FTX maintains its independent operations.

In return, the FTX platform will assist in the development of Binance’s products, especially assisting in the development of the trading platform as well as assisting in the development of over-the-counter (OTC) trading.

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FTX has also announced its intent to build a suite of complementary products to crypto ecosystems, with Binance’s assistance.

For information, FTX was established at the beginning of 2019 and was an incubation project for “Alameda Research”, a research company specializing in digital assets. The company provides OTC trading services, futures, indices and spot trading.

The FTX platform handles nearly half a billion dollars in daily trade volume, according to to show Issued by Binance.

In a statement, Mr. CZ, CEO of Binance, said:

The FTX team has built an innovative crypto trading platform with amazing growth.

We see ourselves in the FTX team and believe in their potential and hope to become a major player in the crypto derivatives markets.

The investment follows Binance’s September acquisition of Seychelles-based crypto derivatives exchange JEX.

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The acquisition helped Binance add options and futures to its trading platform:

Binance acquires a cryptocurrency exchange and buys Bitcoin futures contracts

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