September 20, 2021

Expanding ecosystem and LedgerX acquisition send FTX Token (FTT) to a new ATH


Real-world adoption and brand awareness are one of the best ways for a blockchain project to increase its value and attract new users to users to its ecosystem. 

One project that has seen massive growth throughout 2021 thanks to its increasing public exposure and exciting protocol launches and partnerships is FTX, a crypto-derivatives trading platform founded by Sam Bankman-Fried and Gary Wang.

Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low near $50 on Aug. 31, the price of FTT catapulted 42% higher to a new all-time high at $66.50 on Sep. 1 as its 24-hour trading volume increased by 200% to $1.675 billion.

FTT/USDT 4-hour chart. Source: TradingView

The sudden burst in momentum came following the Aug. 31 announcement that FTX US, the United States-based arm of the exchange, would be acquiring  LedgerX, a fully licensed, U.S.-based options and futures trading platform.

Through this acquisition, the company will now be able to offer regulated crypto futures and options trading to the US market.

FTX has had a busy year of partnerships and publicity generating moves such as purchasing the naming rights for several stadiums and becoming the official crypto exchange sponsor of Major League Baseball, but many feel that this is the biggest development to date for the platform because it gives FTX US a unique product in the US marketplace.

Related: FTX crypto exchange seals $210M naming rights deal for esports behemoth TSM

And just to show that it also has an ear on the pulse of the cryptocurrency community, FTX also recently announced plans to list the up and coming Star Atlas gaming metaverse and NFT ecosystems, a highly anticipated project that looks to capture the surging momentum of the NFT and gaming sectors.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.