Binance Agrees to Purchase FTX; FTT Price Increases

by Nov 9, 2022CryptoNews0 comments

Binance, a cryptocurrency exchange, has signed a non-binding letter of intent (LOI) to fully purchase the FTX exchange. According to Binance CEO Changpeng Zhao, this will assist to alleviate FTX’s “liquidity bottleneck.”

According to FTX CEO Sam Bankman-Fried, things have now gone “full circle,” as Binance will be the exchange’s first and last investor. The deal’s details have not been published. After rescuing its crypto competitor, Binance claims it may withdraw from the agreement “at any time.” Zhao claims that his organization will have to conduct some due diligence before finalizing the transaction.

According to Bankman-Fried, the breakthrough has the potential to help the whole sector. He also lauded Zhao for doing an “outstanding job of expanding the global crypto ecosystem” and “creating a freer economic world.”

According to the crypto tycoon, the exchange is presently attempting to clear off the withdrawal backlog after users began complaining about not being able to withdraw their coins. Over the weekend, Zhao stated that Binance has chosen to sell all of its FTT tokens when reports surfaced about Alameda Research, the trading business tied to FTX, experiencing financial troubles.

After it looked that the two exchanges were feuding, Bankman-Fried now claims that FTX is “in the finest hands.” The FTX (FTT) token has increased by more than 22% as a result of the acquisition. Meanwhile, Bitcoin has risen past the $20,000 mark. Meanwhile, the BNB token has increased by 19.58%.

Anthony Di Iorio, the co-founder of Ethereum, has launched a new initiative called Andiami, which has the potential to democratize the cryptocurrency sector.

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The concept revolves around a device known as Cube. It is intended to make running a node on several blockchains easier for crypto consumers. It is designed to work as a decentralized server with a storage capacity of up to 12 terabytes.

Running a node necessitates extensive technical knowledge, which does not augur well for decentralization. The bitcoin business is frequently chastised for wielding excessive power.

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