About FTX (FTT)
FTX (short for Futures Exchange) is a spot and futures cryptocurrency exchange founded by owner Sam Bankman-Fried in 2019. Based in the Bahamas (with offices in Antigua and Barbuda), the exchange was once billed as a crypto trading platform “built by traders for traders”.
Additionally, it was known for being an industry-first derivative, options, volatility products, and leveraged tokens platform that catered to advanced traders as well as first-time platform users. FTX’s native token, FTT, was used by traders on the platform to minimize trading and transaction fees incurred on the FTX platform.
FTT price has been adversely affected by FTX’s bankruptcy and the subsequent dissolution of its crypto trading firm, Alameda Research. In early November 2022, documents released to the public showed that FTX and Alameda Research had maintained leveraged positions with the FTT token while insolvent.
This triggered a mass withdrawal of user funds from the FTX ecosystem, something the centralized exchange could not financially cover. Shortly afterwards, FTX filed for bankruptcy and Alameda Research dissolved. Despite these events, FTX has claimed that the bankruptcy did not affect FTX.US, its US branch. FTT price is updated on Binance in real time.