• ADA and DOT will be listed on the FTX exchange for spot trading

  • Sam Bankman-popular Fried’s cryptocurrency exchange FTX is reportedly planning to add spot trading for several new digital currencies, including Cardano’s ADA, Polkadot’s DOT, and Avalanche’s AVAX, in the coming months. The move is part of the platform’s strategy to attract more retail investors and increase its customer base.

    Bankman-Fried, a 29-year-old billionaire who rose to prominence and fortune through cryptocurrency, stated that there are numerous blockchains that are fairly significant in the crypto industry these days, and FTX aims to connect with them by offering their native coins and tokens.

    FTX is currently most interested in listing Polkadot, which dominates its list. As he mentioned, Avalanche (AVAX/USD) and Cardano (ADA/USD) are also on the list, concluding that these are the largest blockchains that the exchange is currently interested in. It remains to be seen whether additional chains will make their way onto the list in the coming weeks and months.

    FTX is currently the fourth-largest crypto exchange by daily trading volume, and Bankman-Fried intends to add more post listings to help the exchange grow even further. This is why he is concentrating on the most popular projects, which are likely to generate the most interest.

    What is the significance of ADA, DOT, and AVAX?

    As many people are probably aware, the altcoin market is once again thriving, with many projects currently experiencing significant price increases on their own, independent of Bitcoin, which is still struggling to return to and break through the $50,000 barrier.

    Cardano is a prime example, with smart contracts expected to be added to its mainnet in just a few days. The excitement has caused its coin to skyrocket recently, passing the $3 mark and surging even higher. Cardano is also the third-largest cryptocurrency by market cap, trailing only Bitcoin and Ethereum.

    Polkadot and Avalanche, on the other hand, were only launched last year, but they quickly gained popularity, bringing them to the attention of FTX due to their rising prices, communities, and volume.

    In terms of FTX, the exchange currently focuses on futures products, which allow investors to bet on how crypto prices will move rather than having to buy coins and actually own assets. It does, however, already offer spot trading, which it wishes to expand, as it currently accounts for only about 20% of its business, while futures account for the remaining 80%.

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