In what seems like exciting news to the crypto community, FTX announced the addition of a new feature that allows users to send cryptocurrencies via phone numbers and emails.
The addition of the new feature was made public in a tweet by Sam Bankman-Fried, founder of the famous exchange, who has been quite vocal about his creative vision to expand the crypto exchange to the next level and improve the mass adoption of digital assets.
This move further proves the user-friendly nature of the crypto exchange and makes the platform easier to use. This means a user can send crypto to another user using their mobile phone number or email address.
It is no longer news that FTX is in the race to become one of the best crypto exchanges. The popular crypto exchange offers spot trading for about 300 cryptocurrencies. And thanks to its continuous developmental efforts, innovative ideas, and global targeting of users, the business has made significant progress since it launched in May 2019.
SBF Explains how it Works
While some users are excited about the update and waiting to explore the new feature, others raised a few concerns under his tweet. One of the popular questions asked was how users without a crypto wallet would receive the transferred funds.
According to SBF, in his reply, he clarified that where such a scenario occurs, the user will receive instructions on how to claim his funds sent via email. The receiver is required to create an FTX account using the link provided, to claim the funds. And once verified, the amount transferred will be deposited in the user’s account.
There was also a question about what would happen if the receiver’s email is mistyped or if such a receiver fails the compliance test. SBF clearly stated that the funds would be returned to the sender in such a scenario.
Additionally, the new updates will bring additional benefits, such as improved transaction speed, easier contact access, and prevention of misspelled wallet addresses and other technical errors.
While most of the community believes this is an exciting feature, other groups contend that this additional feature will facilitate more phishing attacks. It is to be noted that this is not the first time such a feature will be seen in the crypto market. Coinbase and Binance also support sending cryptocurrency through email.
More Features are on the Way
As mentioned earlier, FTX, from its inception, has been providing features that will improve the life of a typical user. As part of its plan to enhance its trading processes and API for greater output, the company plans to release FTX V2 later this month.
According to SBF, in a series of tweets to this effect, he noted that the intended upgrade, one of which is the lower latency API pathways, has been in the works for over a year. He anticipates that the exchange will see double the order throughput and half the order latency once the features are live.
FTX was one of the industry’s most reliable firms during the tumultuous period of the crypto market. At a time when some crypto firms are either closing operations or going bankrupt, FTX continues to record impressive highs. In addition, the company recently announced its global expansion and got its crypto license in the United Arab Emirates.