What is the FTX Token (FTT) and what kind of financial service does it offer?
What is FTT or FTX Token? How does the FTX platform work and where can FTT be purchased?
All of these questions regarding the newly listed token on the Bitkub trading platform will be answered by Bitkub Academy, as well as addressing what the FTX Token platform does!
What is FTX Token?
FTX Token or FTT is the native token of the financial service platform, FTX Token, specializing in cryptocurrency derivatives, while also offering a wide array of other financial services for crypto investors.
FTX Token was co-founded by Sam Bankman-Fried and Gary Wang. Gary serves as not only the company’s co-founder, but also the CTO of FTX: Cryptocurrency Derivatives Exchange with experience in software engineering. Whereas Sam, is the firm’s talented CEO, graduating from MIT in physics, both of which with a drive to enhance the cryptocurrency industry.
Interesting Points and Technology
FTX Token’s distinctiveness derives from its ability to supply a large variety of financial services for its users, all with its own specific method of investment, for instance, the platform facilitates services in Futures, as well as Leverage, while also being backed by a well-known crypto firm, Almeda Research.
On the same premise, FTT holders can also stake their tokens to potentially receive passive income. FTT is another exemplification of digital assets that are burned, wherein the FTX platform would buy FTT off markets and burn them every Tuesday, in accordance with Hong Kong time. This burning system is an inflation-controlling mechanism for the platform and market, in terms of circulating supply and value.
Additionally, users can list Non-fungible Tokens (NFTs) on the FTX Token platform, as well as sell them.
Furthermore, the FTX platform also allows its investors to withdraw tokens without paying fees, causing its various financial services to become increasingly popular and used. In the same sense, withdrawn funds can also be in the form of up to 11 Fiat currencies.
However, the most significant feature the FTX platform has to offer is the anti-clawbank system to prevent any claiming of previously-used funds. This comes in addition to the leverage insurance fund for leverage investments to provide another layer of risk management for investors in the Decentralized Finance world (DeFi).
In reference to statistics from Coinmarketcap on October 11, 2021, FTT is ranked as the 31st highest in terms of market capitalization, with around 6.5 billion U.S. dollars or around 2.2 hundred billion Thai baht. FTT’s maximum supply is fixed at 336,326,035 FTT with a current 120,455,699 FTT in circulation.
Additionally, FTT once made an all-time high at 2,877 baht and is hovering around the price of 1,843 baht at the time of writing.
FTT is the native token of the FTX Token, a financial service platform specializing in cryptocurrency derivatives and many more, including staking, futures, and even leverage investments, wherein users are protected by the FTX Token leverage insurance fund.
The platform aims to provide its users with a complete ecosystem of financial services in cryptocurrency, wherein NFTs can also be listed, minted, and sold, all for the purpose of promoting NFTs and artworks.