FTX Token $FTT Wiki: Coin History, Techstack, and Crypto News

26 Sept 2022

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FTX is a coin trading and exchange platform that allows tokens, features and OTC tokens to be exchanged freely. Unlike most other exchanges FTX focuses on a derivatives exchange. FTT is FTX’s native token and forms the basis on which the entire platform operates. FTT can be used to pay, significantly lower, gas fees on FTX and be invested in since it’s an ERC-20 compatible token. The exchange platform is currently the second biggest exchange platform in the world.

History

FTX was co-founded by Sam Bankman-Fried and Gary Wang, in 2018 and dubbed the trading platform built by the trades for traders. Sam Beckman is among the wealthiest people in the crypto industry thanks to FTX and Almeda Research, a crypto trading firm he founded himself and that was like the incubator of the FTX ecosystem.

FTX was officially launched in 2019 and was almost an instant hit. The platform went ahead to raise over $900m in funding from over 60 investors. This saw the platform grow to a valuation of over $18b. In 2020, FTX acquired Blockfolio for $150 million. Blockfolio is a portfolio tracking app that works by allowing users to add their crypto portfolio into the app and track the value of the same within time. The app also lets you view market moves by searching for a token in the app. This was a strategic acquisition that helped FTX cement its dominance.

At the time of launch, FTX was based in Hong Kong but moved the headquarters to the Bahamas in 2021 amid a crackdown on crypto in Hongkong and the whole China region. The founders described the move as to better position themselves to the regulators and bigger players in the crypto sector.

FTX developed FTT in 2019 to provide lower trading fees on the exchange, enabling tighter trading spreads for OTC trades. FTT is available for staking, and investors can earn interest that way.

Claim to Fame

Originating from an existing crypto venture, FTX had specific problems that it was solving and the solution it provided was welcome by many. FTX was able to secure funding and make very strategic partnerships that increased the brand’s public exposure. When it arrived in the US, FTX went hard into sports by buying the naming rights of the Miami heat basketball court and naming it the FTZ Arena, they also became the official crypto exchange sponsor of Major League Baseball in the US. This attracted more investors which then increased the demand for FTT, which as in any crypto token or coin when demand increases the price goes up.

These partnerships, acquisitions and sponsorships helped propel the platform forward.

Biggest Criticism

While FTX provides amazing investment options to users, they have been criticised for the low number of digital assets available for trading on its platform. With over 10,000 digital assets available out there, FTX only offers around 250 crypto coins and tokens for trade. Compared to its competitors like Binance, it seems to have a long way to go in providing more options for trading on its platform.

On the other hand, FTX has also been faulted for having slow customer care responses. Unlike its competitors who offer such live support, FTX only allows users to raise issues by raising a ticket on the website - these tickets take time to be responded to.

The unavailability of the exchange platform itself in the US market has also been an issue despite the exchange having major investments based in the US.

Team

FTT was founded by Sam Bankman-Fried and Gary Wang in 2018 and officially launched in 2019.

Sam Bankman is the co-founder and chief executive officer of FTX. At the same time, he is the CEO of Almeda Research which is like the parent of FTX. Bankman holds a bachelor’s degree in physics from the Massachusetts Institute of Technology. Before joining the world of crypto, he was a trader at the Jane Street Capital, as well as a director of development at the Centre for Effective Altruism.

Gary Wang is currently the co-founder and chief technology officer as well as Almeda Research. Before joining FTX he was a software engineer intern at both Google and Facebook. He has a Bachelor's degree in mathematics and computer science from the Massachusetts Institute of Technology.

Conclusion

FTX is a well thought and designed cryptocurrency exchange platform that can be used by both noobs as well as experienced crypto traders. They have put in alot of work to create a platform fit for advanced trading, with a variety of investment markets such as futures, forex, volatility products and leveraged tokens. The fees are very competitive, starting at just 0.02% for makers and 0.07% for takers, with discounts for large trading volume and even for just holding FTT coins.