FTX President Brett Harrison and FTX CEO Sam Bankman-Fried announced via their respective Twitters on Tuesday July 19 that cryptocurrency exchange FTX would now accept direct deposits from employers.
FTX is a cryptocurrency exchange registered in the Bahamas with over one million active users worldwide.
Bankman-Fried clarified that the direct deposit from users’ employers would go into a bank account in their name. Harrison listed this new feature along with the possibility of paying for goods and services directly from an FTX account using the FTX Card.
A Twitter user criticized the exchange saying they might lose their savings if FXT went under. Harrison responded on July 20th by clarifying that the FTX accounts are FDIC-insured, like other bank accounts.
Reviews of FTX have praised them for their high liquidity, trust, and levels of security.