Binance to acquire a minority stake in FTX.

Binance, a cryptocurrency exchange, and blockchain ecosystem is ste to acquire a minority stake in cryptocurrency derivatives exchange FTX. Financial terms were not disclosed. As part of the strategic partnership, Binance and FTX will work together to further develop the cryptocurrency ecosystem. FTX will also help build out the liquidity and institutional product offerings across the Binance ecosystem, including its exchange and over-the-counter trading desk. “The FTX team has built an innovative crypto trading platform with stunning growth. With their backgrounds as professional traders, we see quite a bit ourselves in the FTX team and believe in their potential in becoming a major player in the crypto derivatives markets. We are pleased to have an excellent partner joining the Binance ecosystem and aim to grow the crypto market together," Changpeng Zhao, Binance CEO.