FTX (FTT/USD), one of the world’s leading and best-known crypto exchanges, has opened FTX Australia (FTX Australia Pty Ltd), an important part of their strategy to expand worldwide, PR News Wire wrote in a press release.
Among the vast range of new financial products and services offered are OTC-based ones, derivatives, and a complex, full-scale exchange suite.
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The new branch will have its head office in Sydney, the country’s financial capital. It has been issued a license to provide financial services and will issue futures contracts, leveraged tokens, options contracts, contract for difference (CFDs) based on crypto/digital assets, and other OTC products.
FTX founder and CEO Sam Bankman-Fried commented on the new development:
We’re excited to bring FTX’s innovative products and services to the Australian marketplace. The establishment of FTX Australia should provide all our local clients with the confidence of trading on a registered and licensed platform. As in other jurisdictions within which we operate, significant resources have been allocated to proactively engage with local regulators. We look to be a participant in policy discussions globally and will seek to continue this same level engagement locally through FTX Australia, and we are encouraged by the important work being undertaken to establish a new digital asset licensing regime.
As a well-known financial centre in the Asia-Pacific, Australia is a dynamically developing and very significant market for the crypto exchange. Australians are well-inclined to adopt new technologies, especially financial technologies. FTX Australia reflects the global exchange’s long-term commitment to the region.
FTT is FTX’s native cryptocurrency. FTX uses a special liquidation model to reduce socialized losses. Traders have a common problem. It’s where the distribution of tokens among different wallets prevents their positions from getting liquidated.
Unlike most other exchanges, where several different token wallets hold portions of collateral, FTX’s derivatives are settled in stablecoins. All they require is one single margin wallet.
Other unique things about FTX include universal stablecoin settlement, a centralized collateral pool, and clawback prevention.
68% of retail CFD accounts lose money