FTX is a cryptocurrency derivatives exchange, aiming to build a platform powerful enough for professional trading firms and intuitive enough for first-time users. FTX is backed by Alameda Research, a cryptocurrency liquidity provider. Binance, a leading cryptocurrency exchange, invested in FTX in December 2019.
The creators of FTX said they founded this platform out of frustrations towards other cryptocurrency exchanges. FTX aims to tackle issues regarding clawbacks, broken liquidation Systems, poorly designed products and margin wallets. The mission of the FTX team is “to build the best derivatives exchange and to help move the crypto space toward becoming institutional.”
FTX Token (FTT)
FTX Token (FTT) is the native token of FTX Exchange. As a holder of this token, you pay fewer FTX trading fees, receive socialized gains from the insurance fund, you can buy and burn the fees weekly, and use it as collateral for futures trading.