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.