NFT Deposits and Withdrawals are Now Live on FTX US for Institutional Favorite Solana (SOL)

NFT Deposits and Withdrawals are Now Live on FTX US for Institutional Favorite Solana (SOL)

Cryptocurrency exchange FTX.US has launched the non-fungible (NFT) marketplace for Solana-based NFTs.

“NFT deposits/withdrawals live on FTX US for Solana!” announced FTX CEO Sam Bankman Fried late on Monday.

While currently limited to Solana-based NFTs, soon FTX.US will also add support for Ethereum-based NFTs.

The buying and selling of NFTs on FTX.US’s marketplace have been limited to those minted directly on the website before this launch. Additionally, the Solana-based collection didn’t have an established marketplace either, with the majority of them being traded on Digital Eyes and Solanart.

But now, FTX has joined in to “provide both US and global users with a regulated marketplace that is intuitive and responsive to their needs,” FTX.US president Brett Harrison said in a statement.

“We’re live!” announced Harrison on Twitter while noting that both “buy now” and auction options are supported on the platform. In case your NFT isn’t verified, FTX will also verify the authenticity of your NFT.

While there is no listing fee on FTX.US, the platform will charge a 2% exchange fee from the seller plus creator royalties.

All the NFTs will be listed in SOL. So, to get started, the user has to fund their exchange wallet with crypto or US dollar to get some SOL tokens.

Solana has actually become a favorite among institutional investors, with $12.5 million of inflows recorded in SOL investment products last week. Overall, this year, Solana has seen $96 million in inflows, bringing its AUM to $119 million — the fifth largest after Bitcoin, Ethereum, Multi-asset, and Binance, according to CoinShares.

On Monday, derivatives platform FTX also increased its instant Signet transfers to allow 10 million per day in withdrawals and deposits to be auto-credited. Earlier this month, the rapidly growing exchange had integrated Signature Bank’s instant Signet deposits and withdrawals for institutions with initial rollout limiting withdrawals to 100k/day.

In other news, CEO Bankman-Fried is stepping down from quant trading firm Alameda Research to focus on crypto exchange FTX. Sam Trabucco and Caroline Ellison will now head Alameda Research as co-CEOs.

The crypto trading behemoth, which made a $1 billion profit last year, is involved in investments, trading, market-making, and yield farming in the crypto space.

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Author: AnTy

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