Crypto Derivatives Platform FTX Now Supports Deposits via PayPal
Customers of the cryptocurrency derivatives platform FTX can now use PayPal to top up their trading accounts.
- FTX CEO Sam Bankman-Fried tweeted Tuesday that users can get “instant” payments to their accounts if they use the PayPal option.
- Most currencies are supported by the payments giant, and credit card payments can also be made through PayPal, Bankman-Fried said.
- He cautioned that, due to PayPal’s fees, larger payments would be cheaper for users if sent to accounts with bank wires.
- FTX is noted for offering innovative derivatives products. It previously launched the S**tcoin Futures Index as a way to short alternative cryptocurrencies; “TRUMP" and "BIDEN" futures ahead of the 2020 U.S. presidential election; and a derivatives contract based on the Airbnb initial public offering.
- PayPal moved into the crypto space last year, sending markets soaring when it announced it would allow users to buy and sell cryptocurrency as well as provide merchant services.
Read more: FTX Seeks to Launch Coinbase Futures Market Ahead of Public Listing
The new payment option allows users to deposit many currencies “instantly,” the exchange’s CEO said.