Does FTX (FTT) stake in IEX heralds a major change in crypto market? - Kalkine Media

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 Does FTX (FTT) stake in IEX heralds a major change in crypto market?
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  • FTX is a crypto exchange launched in 2019.
  • FTX US is taking a ‘significant’ stake in the regulated national stock exchange IEX Group Inc.
  • They plan to collaborate on technology and regulatory efforts to provide retail and institutional investors with broad access to digital assets.

The FTX crypto exchange on Tuesday said that it bought a ‘significant’ stake in IEX Group Inc., a regulated national stock exchange, to provide investors with broad access to digital assets.

In a joint statement, FTX said the technology collaboration with IEX would give retail and institutional investors better access to crypto assets and improve broker-dealer performance.

FTX was launched in 2019, while IEX was established in 2013.   

The companies said the goal is to build a simple and transparent market structure where investors can easily access and trade in digital assets.

The deal is expected to close next month, subject to regulatory approvals. The FTX has not revealed the details of the terms of the agreement or the deal amount. FTX US CEO Sam Bankman-Fried said IEX is an innovative and trusted company in the equity market. 

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The IEX was featured in the Michael Lewis book "Flash Boys", which speaks about high-frequency trading and its impact on the financial market in 2014. FTX’s collaboration with IEX will help sell digital assets to institutional investors. 

In the statement, IEX Co-Founder and CEO Brad Katsuyama said the digital asset industry must closely engage with the regulator to unlock the full potential of digital assets. Katsuyama added that IEX and FTX share the same vision to assist investors in complying with the regulations.  

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Bankman-Fried said the deal would allow FTX to foray into equities trading and strengthen its position in the global digital asset market. The companies plan to organize events where investors can discuss crypto market-related issues.

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Does FTX (FTT) stake in IEX heralds a major change in crypto market?Data Source:

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FTX (FTT) token:

The FTT token jumped 1.09% to US$50.55 at 8:05 am ET Tuesday after the announcement. 

Its 24-hour trading volume surged nearly 47% to US$141.9 million.

FTX has a market capitalization of US$6.94 billion.

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Bottom line:

The crypto market is booming as more players join the digital space. The collaboration between crypto and equity exchanges will open doors for innovative products and practices. Also, the risks in the crypto market may be further reduced with proper regulations. Hence, investors should exercise due diligence before leaping into the crypto market.

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