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Home Bitcoin

Bitcoin futures ETF is a ‘huge step forward’

by Crypto News
October 22, 2021
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Bitcoin futures ETF is a ‘huge step forward’
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FTX CEO Sam Bankman-Fried informed CNBC on Thursday that the choice to permit a bitcoin futures ETF within the U.S. is a “big step ahead,” because the crypto buying and selling platform hopes to develop its footprint in America.

The ProShares Bitcoin Strategy ETF, which trades below the ticker ‘BITO,’ began buying and selling on the NYSE Tuesday and rose greater than 4% in its debut.

In an interview on “The Exchange,” Bankman-Fried mentioned the U.S. may quickly see extra structured merchandise from the cryptocurrency trade popping up that draw on regulated platforms, in addition to the introduction of latest authorized framework for cryptocurrencies.

“I might not be stunned to see extra regulation of the markets and exchanges, particularly on the anti-market manipulation,” Bankman-Fried mentioned.

FTX additionally hopes to develop its buying and selling operations to the U.S., the place its cryptocurrency change will not be accessible. The corporate has workplaces in Chicago, Miami and different U.S. cities, however Bankman-Fried mentioned the largest obstacles in working its cryptocurrency change platform within the nation are licensing and rules.

“We’re excited to work with the [Commodity Futures Trading Commission], excited to work with the SEC and with different regulators to determine how we are able to have absolutely regulated and licensed market exercise in the USA,” Bankman-Fried mentioned.

FTX is among the most highly-valued crypto corporations on the earth, and Forbes estimates Bankman-Fried is the richest individual in crypto, with a web value of $22.5 billion.

At simply two years previous, FTX is already valued at $25 billion after its most up-to-date spherical of funding. It is acquired investments from powerhouse corporations equivalent to Tiger World and Softbank and even pension funds. The crypto change agency moved its headquarters from Hong Kong to the Bahamas in September, a transfer Bankman-Fried mentioned was within the works for some time because of the island nation’s engaging crypto framework and lack of Covid lockdowns.

On Thursday, the corporate said it raised $420 million from 69 buyers in its newest spherical of funding, with the numbers “420” and “69” serving as reminders that meme tradition remains to be valued by crypto connoisseurs.

“The most important use of the funding proceeds is extra prone to be acquisitions and investments,” Bankman-Fried mentioned. FTX acquired Blockfolio a 12 months in the past and Ledger X just a few months in the past. “There are a variety greater than we’re taking a look at,” he added.

NFL star Tom Brady and mannequin Giselle Bundchen, who’s Brady’s spouse, play distinguished roles in FTX ads.

“I believe we would do a bit extra of that,” Banksman-Fried mentioned of pursuing extra celeb commercial, although he famous the corporate has different priorities proper now.

“As a result of our targets listed below are to type partnerships that we’re actually excited by, and that we hope our customers will likely be actually excited by too, it is actually depending on who we are able to work one thing out with,” Bankman-Fried mentioned. “I am actually optimistic that we could possibly develop our U.S. footprint by fairly a big quantity over the following few years.”



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