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  "documentTitle": "Race capital investment FTX",
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  "notes": "The slide highlights technical differentiators (real-time, multi-collateral, API, internal OTC) and the strategic goal of simplifying complex financial instruments for a broader audience.",
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      "text": "Real-time - The exchange has to be able to handle trades in real time at a significant scale. Multiple collateral types - Unlike BitMEX, FTX wants to allow traders to be able to use margin of any asset type. API - FTX is building an API gateway. Simplified tech stack - FTX has already built an internal OTC desk.",
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      "text": "Expanding TAM of future traders: Futures are typically regarded as complicated financial instruments... FTX has been able to abstract away a lot of the complexity... we hypothesize that not only will FTX eat into the existing futures exchange market but also expand the TAM.",
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