Despite the massive volatility in the crypto market, there are still a lot of important moves that are boosting the mass adoption of digital assets these days. Check out the latest reports involving the crypto exchange FTX below.
FTX makes important moves in the crypto space
Crypto exchange FTX has just poured hundreds of millions of dollars into top digital assets lender BlockFi. The crypto exchange also made sure to acquire stock-clearing firm Embed.
FTX CEO Sam Bankman-Fried explained on Twitter why the exchange viewed BlockFi as a sound investment opportunity during the crypto market downturn.
2) BlockFi has careful risk management and great leadership.
So they successfully removed at-risk counterparties preemptively.
BlockFi customer assets are appropriately managed, with no debt/risk from 3AC, Celsius, etc.
— SBF (@SBF_FTX) June 21, 2022
The analyst continued and said: ‘Sometimes leadership means acting decisively and that’s what BlockFi did: removing troublesome counterparties _before_ they become a problem, and adding cash _before_ it was necessary.’
He also posted this: ‘ BlockFi is financially strong; all operations are normal, as they always have been, and assets are safe.’
He also made sure to highlight the following: ‘ And, going forward, we’re excited to partner with BlockFi to offer industry leading products.’
It”s also important to note the fact that FTX.US announced the purchase of Embed to enhance its stock-trading platform FTX Stocks.
The announcement said that FTX’s new acquisition will allow the firm to provide white-label brokerage services to other businesses, apps, and FTX Stocks’ users.
FTX.US president Brett Harrison explained the fact that the purchase is included in FTX’s goal of becoming a comprehensive investment app.
“As I mentioned when we launched FTX Stocks, our new equities and ETF trading platform, our goal at FTX is to provide a comprehensive trading application that spans all asset classes.”
Stay tuned for more news and make sure to check out the prices in the crypto market as well.
