FTT is the derivative cryptocurrency of the popular exchange platform, FXT with the main function of standing as collateral against a futures position.
The FXT team is a collection of some of the largest cryptocurrency traders with long years of experience in the crypto trading field. The creation of their token is the result of a correction attempt at some of the problems faced by most mainstream currencies. The platform claims to have layers of specialized features input in the system to provide an overall better user interface. Some of these features include the prevention of clawback, stablecoin settlement, and a centralized pool of collateral.
On the clawback prevention feature, several investors have lost large parts of their investments to socialized losses on many of the existing exchange platforms. The feature provided by FXT removes the problem and in general, reduces their loss possibility by applying a three-tiered liquidation model.
The traditional trading platforms used by traders for futures exchange have their collateral spread across a series of different token wallets. This presents a problem to these traders as it reduces the chances of positions getting liquidated. FXT on the other hand is settled on stablecoins and only a single universal margin wallet.
Another provision of the FTT cryptocurrency is leveraged tokens. Leveraged tokens give the traders the chance to use leveraged positions without a requirement to trade on the margin.
Who are the Founders of FXT (FTT)?
The FXT exchange platform launched its native cryptocurrency FTT on May 9, 2019. The token and the company at large were founded by Sam Bankman-Fried and Gary Wang.
Currently, the pair of founders are in service of the company with Bankman-Fried serving as the chief executive officer and Wang serving as the chief technology officer of the company.
Bankman-Fried is a successful entrepreneur who has served in several capacities over the years. Apart from being the CEO of FXT, he is also the CEO of Almeda Research and in the past, he worked at the center of Effective Altruism as the director of development. Bankman-Fried was not all about working with companies, within the period of 2014 to 2017, he worked as a trader at Jane Street capital.
Bankman-Fried is a graduate of the Massachusetts Institute of Technology, with a bachelor’s degree in physics.
The company’s co-founder, Gary Wang serves as the CTO of both FXT and the Almeda Research company. Just like the CEO, he is also a successful businessman with a bachelor’s degree in mathematics and computer science also from the Massachusetts Institute of Technology. Before the creation of the FXT and Almeda companies, Wang worked as a software engineer with intern training from major corporations like Facebook and Google.
What is FXT (FTT) used for?
The FTT cryptocurrency is a product of the FXT platform that was built by traders to be enjoyed by traders. The platform provides a series of other innovative products including industry derivatives, leveraged options, and volatility products. These products all work towards the same global goal of multiplying the gains, or in bad cases, losses of the users.
FTT is useful for a series of applications, some of which have the inclusion of reduced fees accompanied with trading on the exchange. These could also serve as collateral on other futures positions. The token is also useful in staking with the goal of earning some percentages of interest.
What Is the Unique Point of FXT (FTT)?
FXT provides several services which have been vetted by traders on the platform, including some of the team members, making the entire experience smooth for participants on the network.
In the execution of these services, the company has some backing from a sister company known as Almeda Research which also happens to be one the most successful crypto trading platforms and providers of liquidity.
A major upper hand the FXT platform has over many of the other trading platforms is its design by professionals in the world of trading with verifiable experience. According to the FXT platform, the company has focused on speedy development cycles, allowing for the deployment of a competitive crypto trading platform.
How many FXT (FTT) coins are in circulation?
The FXT platform is a one-stop-shop for a series of provisions, some of which include futures offerings, leveraged tokens, and institution-grade solutions which have a focus on OTC trading.
The creation of the FXT system currently serves as the backbone of the FXT global platform. This implies that the existing design of the system boosts effects and demand for the network which decreases the supply in circulation.
Currently, the FTT platform has a circulating supply that stands around 94 million tokens as of February 2022. When it was created, the platform had a total supply of 345 million.
Is the FXT (FTT) Network secured?
The FXT native coin, FTT, was created in accordance with the ERC-20 compatibility specification, basing its security protocols on the Ethereum network. The platform also offers hardware security measures in the form of Ledger Nano X/S for effective management and storage of the FTT tokens for its participants through the Ethereum ecosystem.
The FTT token and the leveraged tokens are consistently subject to security audits which are done by the blockchain Concilium auditing firm over a specified period.
In general, the FTT token network has several layers of security which are constantly being checked by both internal parties and some external parties to ensure the provision of an optimal level of security for the network participants.
How do I buy FXT (FTT)?
An advantage that the FTT token enjoys is that it has direct access to an existing clientele which are the participants of the FXT platform. This puts it at a major advantage over most of the other upcoming cryptocurrencies.
The steps below provide the right direction.
- Open an account with any crypto trading platform that offers FTT.
- Transfer the specific amount of your fiat currency to the trading platform account.
- Wait for your deposit to be confirmed and Buy FTT through the trading platform account.
Which Cryptocurrency Wallet Supports FXT (FTT)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as FTT token. Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their FXT wallet because offers a simple and interactive interface making it easy for people to navigate its system.