FTX V2 To Go Live On Nov. 21

FTX, the third biggest crypto exchange by spot trading volume, will debut a new and improved version, the FTX V2, on Nov. 21, as per the co-founder and chief executive officer (CEO) of the firm, Sam Bankman-Fried.

Bankman-Fried noted in a Twitter thread Monday that the exchange will be rolling out a "bunch of improvements" and some of them are already underway. Interestingly, the changes may be aimed to address the issues pointed out by the users of the exchange recently.

"We'll be rolling out a whole new order matcher, lower latency API pathways, and a whole slew of other features," Bankman-Fried said.

Issues with the web interface caused the exchange to experience "downtime" last month. This prevented users from accessing its official website, and some wondered if the platform had been hacked. However, it seems that such issues may die down following the deployment of FTX V2.

To successfully remove these issues, the crypto exchange will introduce a new and improved matching engine. Crypto exchanges like traditional trading platforms use matching engines to match buying and selling orders and therefore, are essential in the purchase and shorting of cryptocurrencies.

As Bankman-Fried stated in one of his posts on Twitter, the new improvements to be introduced into FTX V2 will increase the order throughput and also reduce the latency or delay in orders by 50%.

"We're planning to roll out some of the features over the course of the next month. But a bunch will come on November 21st, 2022. At that point, FTX: V2 will be live," he wrote.

As per previous reports, the FTX CEO has also been tied to the purchase of the Huobi crypto exchange by About Capital Management, alongside the founder of Tron, Justin Sun.