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 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.