Last Updated: 08/05/2022
Official Website: https://ftx.com/
FTX Token (FTT) is the backbone of the FTX ecosystem – the native cryptocurrency token of the crypto derivatives trading platform FTX, launched on May 8th, 2019. It was developed to enlarge network effects and demand. The terms “FTT Token” and “FTT” are sometimes used interchangeably. It can be used to reduce trading fees on the exchange, serve as collateral against futures positions or be staked to earn interest and get a chance to win NFTs.
FTT is an ERC-20-compatible exchange token with a total supply of about 345 million. ERC20 tokens are digital coins that don’t run on their own blockchain: rather, they’re issued on the Ethereum network. FTX Exchange mainly features futures, leveraged tokens, options and spot markets.
Traders can use the FTT token to benefit from features such as lower trading fees on the exchange, enabling tighter trading spreads for OTC trades. FTT is available for staking, and investors can earn interest that way. FTX has an insurance fund that provides a net gain when there are significant price movements in the market. Some of the net gain gets distributed amongst FTT token holders.
The FTX Token (FTT) was founded by Sam Bankman-Fried and Gary Wang.
Sam Bankman-Fried is the co-founder and chief executive officer at FTX: Cryptocurrency Derivatives Exchange. He is also the CEO of Alameda Research and worked as a director of development at the Centre for Effective Altruism. He was also a trader at Jane Street Capital from 2014 to 2017.
Gary Wang is the co-founder and chief technology officer at FTX: Cryptocurrency Derivatives Exchange. He is also the chief technology officer at Alameda Research. Before this, he worked as a software engineer, after moving up from a software engineering intern at Google. He was also a software engineer intern at Facebook.
Alameda Research is a quantitative trading firm that manages over $1 billion in digital assets.
Since FTT is an ERC-20-compatible exchange token, it can be stored on wide range of wallets that do support ERC-20 tokens. An option to keep your FTX Token secure and offline can include the leading hardware wallet provider Ledger.
Software wallets, such as:
Please refer to our Wallet Guides Page for more detailed information regarding these and other type of wallets.
You can Buy and Sell FTX Token (FTT) coin here at BC Bitcoin.
You can Buy FTX Token by heading over to the Buy Coins Page of our website. FTT is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying FTT has never been easier, simply place your order, where detailed will be the FTT coin price, and provide your wallet address. Once your payment arrives, FTT will be sent directly to your wallet.
If you choose to Sell FTX Token (FTT), you can send us the coins and receive a payment to your bank account. Details and a live valuation can be found on the Sell Coins Page.
Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.
2. **Continued Operation Outside the UK:**Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.
3. **Withdrawal of Assets:**For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.
4. **Conversion of Assets:**To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing firstname.lastname@example.org from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.
5. **Withdrawal Procedure:**To initiate a withdrawal, please email your request to email@example.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at firstname.lastname@example.org Kind Regards