FTX.US Announces a New Expansion on its Platform

Bob Coiney

October 12, 2021

FTX.US has been developing its platform over the last few months and recently announced that it has expanded support to the Solana blockchain and has plans in place to integrate Ethereum tokens too. This comes a month after it announced the launch of its NFT marketplace.

The recently added Solana support would enable users to trade, deposit, and withdraw nonfungibles that comply with the Metaplex token standard. The enhanced functionality was announced on October 11th. Also, the U.S. registered branch of FTX added that the marketplace is open and accessible to both U.S. and non-U.S. clients from a variety of jurisdictions, but New York residents are not eligible to sign up.

Speaking on the recent development, Brett Harrison, president of FTX.US, noted that the company wants to provide simpler, safer, and easier tools for mainstream consumers to trade NFTs on its platform. He said, “The NFT ecosystem has started to infiltrate pop culture, but has been lacking a platform that provides easy access and exposure to the mainstream audience.”

More Details of the Expansion

Users can buy or sell NFTs using bank transfers, wire transfers, or credit card transactions, in addition to trading crypto assets. The marketplace lists the price of newly issued NFTs in USD, Solana (SOL), or Ether (ETH). The platform has made its services both affordable and straightforward for its users. On all NFT sales, FTX charges a 2% fee and does not impose a listing fee.

Last month, FTX and its American affiliate both launched NFT marketplaces with limited functionality. At the time of the launch, users could only make and exchange NFTs using a Microsoft Paint-like interface, which resulted in a deluge of hurriedly thrown-together doodles featuring cartoon fish being posted to the platform.

Changes in the Marketplace

FTX’s president recently noted that there had been changes in the marketplace and the additional capabilities of the marketplace are currently only available on its US-based platform. More measures have been introduced to ensure the verification of users’ identities before commencing any transaction on the platform. To deposit and withdraw funds from FTX’s NFT platform, users must show identification documents and evidence of residency to the exchange.

FTX.US is concerned about its reputation and does not want regulators to classify its NFTs as investment goods. In a statement it released, it noted that any NFT collection that distributes or advertises the distribution of royalties to NFT holders would be denied access to investment goods. 

The Rise of NFTs

Over the last few months, NFTs have grown in different parts of the world and have become arguably the biggest part of the crypto space, accounting for a huge chunk of the revenues generated. In the United States, the popularity of NFTs just soared following a recent partnership between the Texas Democratic Party and the popular marketplace Front Row to generate funding for progressive political candidates and causes through the sale of non-fungible tokens.

Front Row co-founder Parker Butterworth believes that NFTs will become a political tool and would provide Democrats with a financial advantage not seen elsewhere.