What is FTX Token (FTT)?
is a cryptocurrency exchange built by traders for traders. FTX offers innovative products, including derivatives, options, volatility products and leveraged tokens.
The team behind FTX consists of some of the biggest crypto traders of the past few years who decided to launch their platform after finding problems with most mainstream crypto futures exchanges. FTX claims to be distinguished by features such as clawback prevention, a centralized collateral pool and universal stablecoin settlement.
Another feature of FTT is leveraged tokens, which allow traders to take leveraged positions without trading on margin. If a trader wants to short Bitcoin with a leverage of 3x, he or she can buy a 3x short Bitcoin leveraged token on FTX. These tokens are ERC20-compatible and can be listed on any spot exchange. FTX currently offers XRP, BNB, TRX, BTC, ETH, EOS, USDT and LEO leveraged tokens.
Who founded FTX Token?
The FTX Token or FTT was founded by Sam Bankman-Fried and Gary Wang.
Sam Bankman-Fried is the co-founder and chief executive officer of FTX. He is also the CEO of Almeda Research and worked as director of development at the Center for Effective Altruism. He was also a trader at Jane Street Capital from 2014 to 2017.
Bankman-Fried studied physics and holds a bachelor's degree from the Massachusetts Institute of Technology.
How does the FTX Token work?
There are there three core elements that define the FTX token.
With the FTT token
, you can trade with a discounted price within the platform. This is a well-known way of discounting that other exchanges also offer.
In addition, they offer 'socialized gains', which prevents 'clawbacks' on the exchange by funding an insurance account. This protects traders when excessive market volatility occurs.
Third, they do token burns so that they increase the price of FTT. FTX, with a third of the fees, buys back FTX Tokens so they can destroy them. They have indicated that they will continue to do this until 50% of all FTT are burnend.
Finally, FTX is backed by Almeda Research, which is known as one of the leading companies in crypto trading and one of the largest liquidity providers.
Can I make money with FTX Token?
Yes, you can make money by trading FTX Token (FTT). Buy low, sell high. FTX Token can be used to trade against other cryptocurrencies. Always trade responsibly. Often the price is affected by FTX news. Buy FTX Token (FTT) at Coinmerce.