Deconstructing the FTX Token cryptocurrency

As the cryptocurrency market continues to grow, it opens doors for people to start new projects related to it. On that note, recent developments include the rise of new exchange sites and state-of-the-art cryptocurrencies. A great example of this is the FTX Token cryptocurrency (FTT) which is found on the FTX exchange. It is also called the ‘backbone of the exchange’ since it helps maintain the overall value of the exchange. Uncover all the details about it here at the BTC Post.

Background about the FTX exchange and its token

Due to its advanced technology and a wide variety of services, FTX continues to catch the attention of crypto enthusiasts which makes it one of the most notable platforms in the market. Moreover, FTX has its native cryptocurrency called FTT which makes trading more convenient. Know more about them below:

History

The FTX platform along with the FTT was launched on May 8, 2019. It was co-founded by Sam Bankman-Fried who works as the company’s Chief Executive Officer (CEO) and Gary Wang who is the Chief Technology Officer (CTO). 

Bankman-Fried is also the CEO of the trading firm Alameda Research and has a background of being a trader at Jane Street Capital from 2014 to 2017. On another hand, he used to be the director of development for the Oxford-based charity organization Centre for Effective Altruism.

Meanwhile, Wang, who is also the CTO of Alameda Research, works closely with Bankman-Fried. He had a degree in mathematics and computer science from the Massachusetts Institute of Technology (MIT). Additionally, before founding FTX, he worked at big tech companies like Google and Facebook as a software engineer.

The team behind FTX were all crypto traders who experienced certain issues with the different crypto futures exchanges so they created their platform. It then resulted in a big cryptocurrency exchange that offers many investment options including volatility products, leverage tokens and derivative assets. Moreover, FTX sets itself apart from the rest because of its clawback prevention, centralized collateral pool and universal stablecoin settlement.

Current standing

FTX Tokens have a circulation supply of more than 253 million coins as stated on their official website. Moreover, its market capitalization has reached over $11 billion despite being relatively new to the crypto market. Its current market price is $45.92 according to CoinMarketCap. As for its all-time high, it reached $85.02 on September 9, 2021, while its all-time low was $0.8313 on September 7, 2019.

What makes the FTX Token special?

Get a closer look at the unique features of the FTX Token here:

It is backed by the Alameda Research

Quantitative cryptocurrency trading firm, Alameda Research, is a new contender in the crypto space but already has a market value of over $100 million. Within a year, it managed to become the largest liquidity provider and market maker ranking fourth on the large crypto platform BitMEX. Since both the FTX exchange and the FTX Token (FTT) are backed by this company, it proves the high-quality services of the platform and the coin itself.

It is one of the ERC20 tokens

ERC20 tokens refer to digital coins that don’t function on their blockchains, instead they work in the Ethereum network. The FTT is one of those ERC20 tokens that require a compatible wallet for storage. Since these types of tokens are popular nowadays, there are lots of wallet options available, which includes software or hardware wallets. 

It is designed by experts in the field

The FTX exchange is known as the ‘exchange designed by traders for traders’ which is created by a team of experts coming from different firms and tech companies that aims to give all traders a convenient experience. On that note, the FTT is a great asset to invest in for the long term.

It allows staking

Using FTT lets you try staking, which is a process that allows holders of the FTX exchange to validate transactions. It comes with many benefits such as giving you additional rebates, having a spin at the non-fungible swag wheel and increasing airdrop rewards.

Where you can buy the FTX Token cryptocurrency

Apart from the FTX exchange, the FTX Token is also listed on the following exchange sites:

• Binance

Founded in 2017, Binance is known as one of the leading cryptocurrency exchanges in the world. It was founded in Hong Kong by Changpeng Zhao who is a Chinese-Canadian coder that graduated from McGill University. The platform has had over 28 million users since October 2021 in various countries such as Turkey, Brazil and Russia.

• BitFinex

BitFinex is a cryptocurrency exchange established in 2012 which is known for its technological innovations in digital asset trading. This can be accessed through your mobile phones or desktop computers, allowing you to trade anytime and anywhere. It features different digital coins such as FTX Token (FTT), Bitcoin (BTC) and Ether (ETH).

• Huobi Global

Known as a professional exchange platform, Huobi Global allows you to manage your assets and buy cryptocurrencies with a few clicks. They have secure storage for different digital coins like Polkadot (DOT), Ripple (XRP) and FTX Token (FTT).

• HitBTC

HitBTC is an exchange platform based in Yunnan, China which was founded in 2013 by the Ullus Corporation. It supports various digital currencies like Dash (DASH), Zcash (ZEC) and FTX Token (FTT).

Different perks of holding FTT in their platform

Trading the FTT on the FTX exchange platform comes with many perks namely:

Trading fee discount

Receive up to a 60% discount on your trading fees if you hold your FTT on the FTX exchange. This does not only let you pay lower amounts on crypto futures but also give you tighter spreads.

FTX OTC discount

Apart from getting a trading fee discount, you can also get an FTX OTC discount of up to 0.02% when you transact through the platform. It can be accessed 24/7 through the OTC portal of FTX.

VIP member status

Grab the chance to become a VIP member of the platform by holding and staking FTT on the exchange. Depositing in your account consistently helps increase your status and gives you the opportunity to gain different benefits like lower fees, a personal account manager and exclusive access to events.

Start trading FTT today!

Trade the FTX Token cryptocurrency now in its main platform or other exchange sites to use the asset to your advantage and gain the perks that come with it. This allows you to stake and earn a good amount of money for the long term. Give it a try now and claim the different discounts along with it.