READ ALL ABOUT IT! Binance Acquires FTX and more!
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DeFi Slate Fam:
The markets are in full soap-opera mode. Drama amongst the centralized powers are throwing coins into a tizzy. FTT, the FTX exchange token, is the token in question as it collateralizes most loans provided to Alameda Research – the sister company of FTX. Markets are taking offense to FTX minting their own token and subsequently using it as collateral for fiat loans. CZ of Binance took particular exception to this and proceeded to market dump Binance’s entire 500M dollar bag of FTT. Are we to think Binance has not taken out loans against its own BNB token?
As a result of recent revelations, Binance has signed a Letter of Intent to purchase the major US-based exchange FTX. In a series of tweets, SBF and CZ both announced the acquisition to conclude after Binance performs due diligence. The acquisition of FTX conglomerates power into a single entity posing a greater centralization risk than ever before. Ultimately time will tell whether FTX capitulation is a bottom signal. At the current moment permissionless, trustless, decentralized finance looks stronger than ever.
Cheers
Rob
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