FTX Adds the“Send” Feature For Crypto Transfer via Email and Phone Number

Sam Bankman-Fried (SBF), the founder and CEO of FTX, a leading cryptocurrency exchange platform, has announced the addition of a new “Send” feature to its trading platform to allow users to send crypto through Email and phone numbers. SBF announced on Twitter yesterday, 1st of October 2022.

In his tweet, Bankman-Fried declared that the new updates would be available on its main platform FTX.com and its United States subsidiary FTX.us. With the new Send feature on the FTX platform, crypto and cash transactions have been made much easier. FTX users can now send cryptocurrencies or dollars to anyone with their email address or phone number.

Sam Bankman-Fried Responds to Twitter Queries on the “Send” Feature

Although many Twitter users applauded FTX’s new feature, several people have voiced their concerns and queries about the “Send” option. One common question the Twitter crypto community asked was how a user without a crypto wallet could receive funds sent with the FTX “Send” feature. 

The FTX founder clarified this concern and explained that, under such circumstances, the receiver would get an email with instructions on how to claim the funds. To claim the fund, the receiver has to sign up for an account with FTX using the link provided in the email. Once the identity is verified, the funds will be deposited into the recipient’s account.

Another Twitter user inquired, “what happens in the event the receiving email address owner does not pass compliance checks, or the email address is incorrectly entered by the sender (either does not exist or is just incorrect and goes to an unintended person)?”

To this, SBF explained that the funds would eventually be refunded to the sender. While many think FTX’s “Send” option is a cool feature, another school of thought believes it will pave the path for more phishing attacks.

Crypto Transactions Made Easier

Since its inception in 2019, FTX exchange has grown significantly, being at the forefront of crypto innovations and pushing the boundaries of Web3 adoption. Just last week, FTX announced the expansion of its operations in the United Arabs Emirates, making history as the first licensed cryptocurrency exchange in UAE. With the new expansion, the FTX exchange will be able to serve cryptocurrency enthusiasts in Dubai. Now, FTX is set to make crypto and dollar transactions easier.

With the new “Send” feature, crypto users can avoid so much ado by performing instant transactions through their email and phone number. Also, the new feature is bound to rake in new crypto converts for FTX as people who do not have wallets will now have to get one to receive funds via FTX’s “Send”.

According to the FTX founder, this new update is another of FTX’s efforts to provide features to make its users’ lives easier. Sam Bankman-Fried’s FTX is actively expanding its wings across the globe to reach a wider audience with its offers of spot trading for more than 250 cryptocurrencies and 300 market pairs.