$BRL / $BRZ futures are live on FTX, as well as BRL bank deposits and withdrawals!
ftx.com/trade/BRZ-PERP
Conversation
is there some form of 'catch', such as depositing fiat BRL and it automatically converts to BRZ ? cause if that's the case (most likely), clients should be informed that BRL withdrawal relies on 3rd party
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It's pretty explicit about that--
a) it's called "Brazilian Real and BRZ" in your wallet
b) if you try to deposit BRL it says "Depositing or withdrawing fiat currencies will be facilitated with a third party OTC desk."
c) you can still withdraw it out as BRL or BRZ in the end
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that's NOT true, and u know it. you can withdraw as long as this 3rd parter allows. Brazilian Real and BRZ are not the same thing, not even close.
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It is dependent on the 3rd party but it's also stored as BRL in a Brazilian bank account
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ps: don't get me wrong. I love what FTX is doing - in general. I'm just opposed when something sold is different from the promise
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We can confirm the funds in the bank account.
Understood--FWIW I think the most popular use case of this isn't going to be holding it, it'll be sending in BRL and selling. And I felt like from the description it was pretty clear! But if most people disagree happy to add more.
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"You can now trade spot and futures on BRL" .... nah, u can't. see the difference? blog.ftx.com/blog/article-1
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There's a pretty fine line here! Like take the following markets:
Bitfinex USD
Binance USD
Binance EUR
FTX BRL
Itbit USD
Itbit EUR
Liquid USD
Kraken GBP
Coinbase EUR
Which are "real" and which aren't?
FWIW I think FTX BRL is the 3rd most real of those, but it's ambiguous.
U r better than this. Remember Sr Arthur lost his crown due to incorrect definition of 'insurance fund' and 'liquidation engine'