The FTX Token (FTT) was trending on Wednesday afternoon, although its price fell over 11%. Its trading volume was up 1% in the last 24 hours.
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What is FTX Token (FTT)?
FTX is a crypto derivative platform launched in May 2019. The team behind FTX comprises some of the biggest names in the crypto trading community. The FTX team decided to launch the platform after facing problems with the mainstream crypto futures exchanges.
FTX claims to be unique due to its features like claw-back prevention, centralized collateral pool, and a universal stablecoin settlement system. Additionally, its leveraged token feature enables traders to take leveraged positions without requiring trading on margin. FTT is the native cryptocurrency of the FTX platform. It is available for trading on exchanges like Binance, BingX, etc.
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FTX US said that it has been applied for a trusted charter with New York financial services regulators. It is a step forward toward operating in the New York state. A trusted charter from the New York financial services department would allow FTX to offer crypto trading and custody services. BitGo and Coinbase have already acquired approval for a charter.
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FTX also announced the appointment of Marissa MacDonald as COO for the FTX Trust Company. MacDonald had previously served at Fidelity Digital Assets. FTX also said in a social media post that it purchased and burned FTT worth US$7.6 million on May 10.
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The FTT token was priced at US$29.61 at 12:21 pm ET on May 11, down 11.47%, while its volume for the last 24 hours rose 1.84% to US$258.53 million. It has a market cap of US$4.02 billion, and its fully diluted market cap is over US$10.37 billion.
The token has a max supply of 352.17 million, a total supply of 332.40 million, and its current circulating supply is over 136.53 million. The FTT token saw the highest price of US$48.28 and the lowest price of US$29.42 in the last 30 days.
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