Crypto 101 – Exchange Tokens, What Are They?
Just when you think you’ve tackled the cryptocurrency universe, something new always seems to pop up. One of the newer creations in crypto is the rise and use of Exchange Tokens. You might have heard of a few of them: Cryptom.com’s Cronos ($CRO.X), Binance’s Binance Coin ($BNB.X), and the now infamous FTX’s token, $FTT.X.
Exchange tokens are really nothing more than a type of cryptocurrency known as a utility token. They can be bought and sold just like Bitcoin ($BTC.X) or Ethereum ($ETH.X) – but they have the added benefit of doing something if you’re using it on the native crypto exchange.