What is FTX token?

FTX token is the native currency of FTX, a derivatives and spot cryptocurrency exchange run by Sam Bankman-Fried. The token, which trades under the ticker FTT, cuts down on trading fees and provides benefits for those that use the FTX platform. FTT launched on May 8, 2019.

How much money did FTX get from coinshares?

In April 2018, CoinShares and FTX launched an exchange-traded product (ETP) for FTT with about $40 million in seed capital. In June 2021, FTX renamed Miami’s American Airlines Arena to the FTX Arena after buying the naming rights for $135 million. A $400 million funding round in January 2022 valued FTX at $8 billion.

Who owns FTT & FTX?

FTT is issued by FTX, the crypto exchange founded by Sam Bankman-Fried and Gary Wang in 2019. Bankman-Fried has a large public persona; he is known for his multibillion-dollar portfolio and his contributions to the charitable movement, Effective Altruism. FTX is backed by Alameda Research, a quantitative trading firm.

Why did FTX collapse?

FTX collapsed in early November 2022 following a report by CoinDesk highlighting potential leverage and solvency concerns involving FTX-affiliated trading firm Alameda Research. FTX’s collapse shook the volatile crypto market, which lost billions at the time, falling below a $1 trillion valuation.