fbpx
Connect with us

Cryptocurrency

FTX Pay: What Is It, And What Crypto Coins Are Supported?

FTX Pay is a useful part of the FTX ecosystem that allows parties to receive funds in different kinds of cryptocurrencies or fiat currencies.

The ability to exchange value is part of these kinds of modern platforms. In the FTX Pay system, a wide variety of cryptocurrencies is meant to complement the tools and resources in the rest of the platform, where traders and investors can get access to many kinds of derivatives and implement a wide spectrum of crypto trading strategies.

In effect, FTX Pay allows you to ‘settle’ various crypto amounts into a wallet system, in order to get custody of assets that are part of your transaction model. It’s what you might think of as part of the ‘payment arm’ of a diversified platform.

Note: For U.S. users, it’s important to know that FTX as a broader platform is not legal in the U.S. American investors use a subsidiary platform called FTX U.S. to conduct their business. However, new additions like more stock trading tools will have a promotional effect in the U.S. and elsewhere, and FTX Pay promises to be a part of that dynamic increase in active users and activity.

FTX Pay: Supported Cryptocurrencies

The list of cryptocurrencies supported with FTX Pay is a long one.

First, there are the front-running cryptocurrencies – the household names that most investors are most familiar with. These blockchain assets have their own enormous markets, and got a head start in this area of technology finance before various other kinds of coins emerged.

Bitcoin is the first cryptocurrency, and the most dominant choice on the blockchain. In fact, experts talk about “Bitcoin dominance” as a metric in that coin’s price fluctuations and volatility.

Ethereum is the runner-up in terms of most prominent blockchain assets. Both Bitcoin and Ethereum are supported for FTX Pay.

FTX Pay also supports trading certain prominent altcoins like Litecoin (LTC) and Binance coin or BNB.

Another set of supported cryptocurrencies are those that relate to the gold market. For instance, FTX Pay supports transfers for PAX Gold, a combined crypto/gold play. That’s important because some traders regard both crypto and gold as ‘safe haven assets’ that are appealing to traders fleeing a battered equity market, or nervous about the machinations of the Federal Reserve.

All of this adds to the utility fo FTX Pay for traders and investors who want a broader and more diversified set of tools to work with in the crypto market.

Newer Altcoins Supported at FTX

Some other coins supported by FTX Pay include Tron (TRON) and Chainlink’s LINK token. Both of these entities are responsible for innovating crypto. Tron, for its part, has pioneered part of the D-apps market, and Chainlink’s token is often used for various kinds of crypto plays.

Matic and DAI are two other examples where new types of structures make these crypto tokens appealing. The same goes for GRT or Graph Token, which is also available through FTX Pay, and AAVE.

Each of these coins has its own place in the crypto investor’s strategy, and in the market itself. By supporting this wider spectrum of choices, FTX becomes more relevant in a time when the world of blockchain assets is growing and expanding steadily.

FTX: Stablecoins Supported on the Platform

Stablecoins like Tether (USDT) are also supported through FTX Pay. Notwithstanding certain dangers illustrated by UST’s recent stablecoin crash and SEC comments about stablecoins, these crypto tokens pegged to the US dollar are still popular with some traders, and they also have a home on the FTX Pay platform.

What all of this means is that the FTX Pay system supports FTX environments as a useful place to make crypto trades and transfer value.

How FTX Users Can Deal  with Gas Fees

In using certain blockchains, investors have to look at the reality of high gas fees on a blockchain. That’s part of nearly any investment strategy that is blockchain-based or blockchain-adjacent, because the gas fees will have an effect on user activity, and that’s putting it mildly.

ftx chart

FTX has told us that it uses a strategy of absorbing and subsidizing fees charged on certain  blockchains with a better ecological reputation. With that in mind, FTX asks users to pay for  some fractions of per-transaction fees for efficient blockchains.

In this context, FTX does the work of taking on some of the cost around gas fees, but it also makes the process more transparent for users, explaining the shared responsibility. This kind of awareness will drive improvement in crypto on-ramps in general.

That’s a little bit about FTX and what it offers users, in a market that is constantly changing and evolving. Look at the derivative plays and other functions, including FTX Pay, of a competitive crypto platform for our times.

Estonian-born, Tallinn-based entrepreneur, CEO, manager, marketing strategist and professional athlete. My work have been featured by Tech.com Engadget, Medium and other publication. In my free time, I love to get engage with people, and travel to explore the world.

Advertisement defi

Join Disrupt Magazine

defi
Become A Disrupt Contributor

Most Disruptive

Social Media4 days ago

Khaby Lame Becomes The Most Followed TikToker in The World

Khabane Lame was a machine operator but now trending and just became a star from an account he created on...

Tiger_Shroff Tiger_Shroff
Entertainment5 days ago

Meet Bollywood Star Tiger Shroff

Tiger Shroff has a long history in the film industry, starting before his birth. With prominent parents in the industry...

Amanda Bernardo Amanda Bernardo
Women Who Disrupt5 days ago

Meet “The Pizza Princess” Amanda Bernardo

If you live in or near New Haven, Connecticut, you may be familiar with the hidden gem that is “New...

Shirley_Setia Shirley_Setia
Women Who Disrupt5 days ago

Meet Upcoming Bollywood Star Shirley Setia

Shirley Setia is the little Kiwi that could. Coming out of seemingly nowhere with a hit cover on YouTube, she...

two people shaking hands two people shaking hands
Diversity in Tech1 week ago

How the Best Leaders Create and Build Trust in a Modern Workplace

Being a leader in any setting can be challenging but within professional settings, you really are juggling a lot at...

Jay Majors Jay Majors
Executive Voice2 weeks ago

How Jay Majors Is Disrupting The Barber Industry

When we see a successful figure in any industry, learning their story, where they came from, and how they’ve struggled...

Daymond JOhn Daymond JOhn
Executive Voice3 weeks ago

Daymond John Can’t be Stopped

Perhaps you know Daymond John from the wildly popular show Shark Tank. Or maybe you’re familiar with his revolutionary clothing...

Finance3 weeks ago

Ryan Carroll Establishes Wealth Assistants to Serve as a Launching Pad for Hopefuls Worldwide

Countless highly accomplished personalities and established authorities have proven that the pursuit of one’s passion can be a way to...

Business4 weeks ago

Social Media Star, TheBlondeJon’s Journey from Homelessness to Multimillionaire Status

A strong self-belief in oneself is a powerful enabler no matter the obstacles or challenges one faces on a journey....

Entrepreneurship4 weeks ago

Skylar Domine on His Bold Moves in the Entrepreneurial Realm and Overarching Mission to Help People and Communities

Many of today’s powerhouses managed to gain a solid foothold in the world of business and stand out in an...

Trending

Copyright © 2020 Disrupt ™ Magazine - Disrupt is a Minority Owned Privately Held Company

Disrupt ™ is the voice of Latino entrepreneurs around the world. We are part of a global movement to increase diversity in the technology industry and we are focused on using entrepreneurship to grow new economies in underserved communities around the world. We enable millennials to become what they want to become in life by learning new skills and leveraging the power of the digital economy. We are living proof that all you need to succeed in this new economy is a landing page and a dream. Disrupt tells the stories of the world top entrepreneurs, developers, creators, and digital marketers and help empower them to teach others the skills they used to grow their careers, chase their passions and create financial freedom for themselves, their families, and their lives, all while living out their true purpose. We recognize the fact that most young people are opting to skip college in exchange for entrepreneurship and real-life experience. This Podcast was designed to give them a taste of that.