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  "documentTitle": "Race capital investment FTX",
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  "notes": "The investment amount and specific terms are redacted with black bars.",
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      "text": "Regulatory Risk: Similar to BitMEX, FTX has to be careful with their KYC, AML, and compliance practices as they accept new customers.",
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      "text": "Other large spot market exchanges offer derivatives products: If Binance or Coinbase launch their own futures products, that would put more competitive pressure on the derivatives market.",
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      "text": "DEX's become the main form factor for trading: If decentralized exchanges (DEX) become the main form of trading, then decentralized derivative products like DYDX might take the lion's share of the market volume.",
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      "text": "Major hack or security incident: If FTX incurs a major hack or loss of funds, then traders will lose faith in the platform.",
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      "text": "The large incumbents do not lose market share: If BitMEX, Huobi, and OKEx continue to dominate the futures market, then this will put pressure on FTX to only grow with net new customers.",
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      "text": "We are investing [REDACTED] before their public launch date on July 29th, 2019. The terms of investment are as follows:",
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      "text": "Our best case for FTX, is that it will become as large (in terms of trading volume) as BitMEX is today. This coupled with the fact that FTX has a native exchange token, would bring meaningful market cap appreciation.",
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