What is FTX Token (FTT)? – Definition, How To Buy and Store FTT

FTX Token (FTT) is a utility and native token of FTX exchange, a cryptocurrency derivatives exchange.

FTX is a cryptocurrency exchange that allows you to trade futures and leveraged tokens on cryptocurrencies with an OTC desk. The FTT token as the native token of the platform benefits from network effects and the growth of FTX.

Quick facts about FTX Token – FTT

• Name: FTX Token
• Ticker/Symbol: FTT
• Max supply: 350,000,000**
• Blockchain: Ethereum (ERC20)
• Established: April 2019

Origins of FTX Token – FTT

FTX Token (FTT) was launched alongside the FTX exchange in April 2019. It was offered through a private Initial Coin Offering (ICO). The FTT genesis block was registered on April 30th, and the distribution of ICO tokens started on July 27th, 2019.

FTT is an ERC20 token that runs on the Ethereum blockchain. The initial supply of FTX token is 350,000,000 FTT.

What is the utility of FTX Token (FTT)?

FFT holders get several benefits when using the FTX exchange. Using FTT fo trading fees gives you a discount, calculated based on a tier system. Further, FTT holders receive rebates based on their holdings from the FTX OTC.

FTX’s OTC desk trades about $30 million per day with no fees and is powered by Alameda. What’s more, FTT can be used as collateral for futures trading. A portion of net insurance fund gains will also be distributed to FTT holders.

What is FTX Token (FTT) coin burn?

Coin burns are used to reduce the supply of FTT. These coin burns remove some FTT from the supply permanently.

Cryptocurrency projects like FTX use coin burns to drive positive price action in the long run by reducing inflation. Demand pressure and the reduced supply is likely to cause an increase in price. 

FTX burn coins every week. The exchange rebuys and burns it’s token funded by 33% of fees earned on the platform’s markets, 10% of the net addition to the insurance fund, and 5% of fees earned from other uses of its platform.

How to buy FTX Token (FTT)?

The best option for buying FTX Token (FTT) is via the FTX exchange. The exchange allows you to purchase FTX with fiat currencies and other cryptocurrencies.

To get started, you need to sign up on FTX exchange. Deposit traditional currencies or crypto to make your purchase. You can deposit traditional currencies on FTX exchange via bank cards.

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How to store FTX Token – FTT?

Several cryptocurrency wallets support ERC20 tokens. Since FTT is an ERC20 token, you can store, receive, and send it on any wallet that supports Ethereum tokens. One of the most popular wallets that support ERC20 tokens like FTT is Trust Wallet. Trust Wallet is available on desktop and mobile.

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