FTX Token (FTT) is the ecosystem’s exchange token. FTX is a Bahamian cryptocurrency trader. FTX is integrated in Antigua and Barbuda. As of July 2021, the exchange averages $10 billion of daily trading volume and has over 1,000,000 customers. FTX operates FTX.US, a separate exchange available to US citizens.
MIT graduates Sam Bankman-Fried and Gary Wang based FTX in May 2019. Before founding FTX, Bankman-Fried traded worldwide ETFs at Jane Street Capital, a proprietary trading company, and he was established at Alameda research, a quantitative trading organization. In August 2020, FTX received Blockfolio, a cryptocurrency portfolio tracking app, for $150 million. In July 2021, FTX raised $900 million at an $18 billion valuation from over 60 buyers, such as Softbank, Sequoia Capital, third point management, Paul Tudor Jones, and Alan Howard. Binance, a competitor which invested in the organization in 2020, divested its percentage in 2021. In September 2021, FTX moved its headquarters from Hong Kong to The Bahamas. On January 14, 2022, FTX introduced a $2 billion project fund named FTX Ventures.
In January 2022, FTX raised $400 million in series C investment at a $32 billion valuation.
On February 11, 2022, FTX.US announced that the enterprise might soon start providing stock trading to its US users.
In February 2022, it was stated that FTX was reportedly developing a gaming department to assist video game developers in offering blockchain-based technology like cryptocurrency and NFTs into video games.