The letters FT stand for "Fotoapparat Tokareva", which translates to "Tokarev's camera". Fedor Vasilievich Tokarev was a Russian weapons designer and a personal friend of Stalin. The FT-2 is the grandfather of todays Horizon cameras and father of the Horizont.
These cameras produce a rather unusual 24x110mm size negative (on 35mm film) with a 50mm lens. That way, the vertical angle of view is rather limited compared to their modern Horizon offsprings. Still, due to the swing-lens design and the rather long negative they achieve a 120 degrees horizontal angle of view.
What I like about these cameras is that they produce a really wide panoramic image with rather 'normal' vertical view. So in contrast to super-wide panoramics distant subject matter does not shrink as fast.