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.