Want to jump straight to the answer? You can buy CTX on Gemini.
Cryptex Finance seeks to provide decentralized financial solutions that allow everyone from investors, traders, funds, and decentralized finance (DeFi) users to gain access to the total market value of cryptocurrencies. The firm claims to have made the world’s first total crypto market cap token that is directly tied to the market cap of the entire crypto sector. Think exchange-traded fund (ETF) for crypto: exciting, right?
What is Cryptex Finance?
When looking at Cryptex Finance, it offers two tokens to consider: TCAP and CTX. TCAP is the flagship token of Cryptex Finance that aims to provide exposure to total market capitalization across the entire cryptocurrency sector. TCAP ties directly to price changes in over 2,000 digital assets, showing why such a token speaks to investors looking to gain broad exposure with just one asset.
Behind the scenes of the TCAP token is CTX, a utility and governance token that powers and secures the entire Cryptex Protocol. Individuals who own CTX can vote on adding changes to not only TCAP but also future projects that are made in the Cryptex ecosystem.
The demand for such a wide-reaching asset has the potential to grow alongside the increasing popularity of crypto as a whole. Benzinga’s guide will help you learn more about this popular crypto and help you place your first CTX order on an exchange.
Why is Total Cryptocurrency Market Capitalization Important?
Before digging into what CTX is and how to buy it, it’s important to understand why total cryptocurrency market capitalization is important and why the team at Cryptex Finance decided to make a token around it. Total cryptocurrency market capitalization is one of the most widely cited and best known data metrics in the world of crypto that measures broad expansions and declines across the entire sector.
Cryptex Finance cleverly realized that no current method of minting this metric exists in real time that people can invest in, so it decided to make a token (or “tokenize”) this key metric. This profound action allows people to have exposure to the price movements of the entire crypto sector by investing in just one asset.
What is CTX?
CTX is a governance and utility token that has many use cases within the Cryptex Finance ecosystem. CTX holders can make proposals, vote on proposals and delegate their votes to other CTX holders. This feature is key to the future of the project as it allows the most important stakeholders to determine its direction: the community. Proposed changes could be anything from changes to the TCAP system to replacing the system entirely.
CTX’s initial supply is 10,000,000 tokens, most of which are part of its treasury. The remaining tokens are split between the Cryptex Team, advisors and community members. When mentioning the development team, some big names immediately stand out such as Preston Van Loon, who also works on Layer one scaling solutions for Ethereum 2.0 and has received funding from numerous big name sources (including the founder of Ethereum, Vitalik Buterin).
Overall, those who are interested in actively participating in the behind-the-scenes of Cryptex Finance’s project of tokenizing total market capitalization should consider CTX as a way to do so.
Where To Buy Cryptex Finance Token (CTX)
The easiest way to buy CTX is to place an order through a cryptocurrency exchange like Gemini. A cryptocurrency exchange is a crypto app or desktop platform that allows you to place buy and sell orders for cryptocurrencies. Using a cryptocurrency exchange is very similar to a stock broker — you’ll create an account, supply a little personal information to verify your identity and add funds. From here, you’ll be able to place buy and sell orders through your exchange, which will execute the orders on your behalf.
You’ll purchase the CTX token using the same method you’d use to purchase other types of cryptocurrencies. If this is your first time using an exchange, however, you’ll want to choose an exchange that offers access to all the coins that you want to buy and sell. This decision will make it easier to master your exchange’s tools and invest using a single platform.
How to Buy CTX
Since CTX is a relatively new and obscure asset, buying it is a little more involved. You will likely need to use a select decentralized exchange (DEX) that hosts CTX to begin purchasing it. Fortunately, exchanges like Gemini make this process easy for individuals looking to buy and sell CTX.
Here are the basic steps you’ll go through when you open your first account.
Step 1: Open a Crypto Exchange Account
You first need to open an account with an exchange that offers the ability for cryptocurrency trading to begin investing in CTX. CTX is a less prominent token, so it’s important to select an exchange that holds the coin. Here are some factors you may want to consider when deciding on the exchange you will use:
- Ease of use (beginners may want a more intuitive interface)
- Security features, encryption and two-factor authentication availability
- Fee schedules, account maintenance fees and commissions
After deciding on an exchange, follow the exchange’s account set up process. Some of the information you might need to provide may include:
- Your full legal name
- Your address
- Your phone number and email address
- A copy of a government-issued photo ID (like a military ID, driver’s license or passport)
The set up process is relatively quick on most exchanges, but depending on the exchange it may take longer to verify your identity.
Step 2: Fund Your Account
After setting up your account you’ll have to link a method of funding to get money into your investing account. Direct bank transfers are common among most exchanges, but some exchanges allow for funding through a credit card as well.
For users worried about security when using their online banking credentials, certain exchanges like Gemini allow the option to manually link your bank account and deposit funds through wire transfers. Additionally, users have the option to fund their accounts with crypto through their external wallet or service provider.
Step 3: Make Your purchase
Once your account is set up and funded, you can place an order through your exchange to buy…