Two former executives at cryptocurrency exchange FTX have reunited to build a new exchange platform, approximately 12 months after their prior employer collapsed. Scaffold Ventures, a startup investment company, has already thrown their support behind the project, which the CEO reportedly calls "FTX-2.0." This news comes following a major scandal that enveloped cryptocurrency exchange FTX, speculated to have been caused by an exit scam on the part of the platform's founders. The platform was widely used across the United States and Europe, and once accounted for $10 billion in monthly trading volume.

However, in June 2020 a trading manipulator was found to have been operating on the platform, leading to a global government crackdown against the exchange. By December of that year, FTX had collapsed and was no longer operational.

Now, Scaffold Ventures has announced its partnership with the two ex-FTX executives on a new crypto exchange platform. It is hoped that the new platform will provide improved security while also sustaining user confidence. Though the project is still in its early stages, it is speculated that the platform's design will be similar to FTX's original platform, providing similar services such as margin trading, high-frequency algorithmic trading and low fees.

In light of recent events, the cryptocurrency community is eager to have a reliable and secure exchange platform. A new platform run by two trustworthy and experienced ex-FTX executives has great potential, both practically and symbolically. It will be of great interest to see how the new project develops, as progress will likely give greater confidence to trading users as well as investors.



Other News from Today