The platform’s head Sam Bankman-Fried denied a Twitter user’s claim that the company views the Cardano blockchain as a threat

FTX exchange will launch spot trading in pairs with ADA

24.10.2022 - 10:30

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2 min

What’s new? FTX crypto exchange CEO Sam Bankman-Fried has said that the launch of spot trading in pairs with the token of the Cardano (ADA) network is already on the platform’s roadmap. This is how the businessman responded to a Twitter user’s message that FTX allegedly views Cardano as a threat and will not list the asset on the platform. Bankman-Fried noted that perpetual futures tied to ADA are already available to the exchange’s customers. As of October 24, 10:30 UTC, the asset is trading at $0,3634, having gained 4,19% in 24 hours, according to Binance.

What else did Bankman-Fried write? ADA currently remains the only cryptocurrency in the top 25 on the FTX exchange that is not spot-listed. As Bankman-Fried explained, the exchange could easily list tokens based on those blockchains already supported by the platform (such as ERC-20 tokens). In Cardano’s case, the company should make sure it has a good validator for deposits and withdrawals.

What is known about FTX? It is a centralized crypto exchange for derivatives trading headquartered in the Bahamas. It was founded in 2018 by trader Sam Bankman-Fried and programmer Gary Wang. As of 2022, the platform has more than one million registered users. As of October 24, the daily trading volume is $897 million, according to CoinMarketCap. The native token FTT is trading at $22,95, adding 1,68% per day.

What is known about Cardano? It is a blockchain platform created by Input Output Hong Kong (IOHK) and Ethereum co-founder Charles Hoskinson in 2017. Cardano supports smart contracts and also has the native token ADA that enables users to participate in the operation of the network. The asset ranks eighth in the cryptocurrency ranking with a capitalization of $12,3 billion.

Earlier, analysts at Santiment pointed to possible double growth of ADA. According to experts, at the moment, the market value to realized value ratio of the asset is currently at its lowest since January 2019.

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