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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.

People Also Ask: Other Questions About FTX

  1. What Does FTX Stand For?

    FTX is short for “Futures Exchange”. It was so named to highlight the exchange’s focus on alternative strategies seasoned traders and investors typically engage in — namely, futures.

  2. What is FTT Used For?

    FTT is used to lower trading fees and other associated costs incurred by traders and investors engaging in crypto activity on FTX’s platform.

  3. Who is the FTX Founder?

    FTX was founded in 2019 by Sam Bankman-Fried in the Bahamas, where it is still headquartered.

  4. What is the Maximum Token Supply of FTT?

    FTT’s total supply is 352.17 million tokens, of which 328.89 million are reportedly in circulation. 17 million FTT tokens are said to have been burned and permanently removed from the total supply.

  5. What Makes FTX Different From Others?

    FTX allows traders and investors to use FTT to enjoy discounted fees and take advantage of the strategies available on its platform.  At the same time, FTT is a tradable cryptocurrency that is also used as a global digital payment method. FTX reportedly has over 10 billion registered users and was valued at $32 billion in January 2022.