The cryptocurrency exchange FTX, alongside its U.S. operation, made an announcement that they are launching a new unit as a means of gaining institutional clients.
FTX Pushing for Institutional Investors
In an official press release published on March 9, 2022, FTX announced the launch of FTX Access, which essentially bridges institutional-grade products and services to the marketplace.
FTX Access will initially only offer advisory services, index products, trade execution, analytical tools as well as capital introductions for any institutional investor that has an interest in gaining exposure to these digital assets.
Additionally, FTX Access can also further explore offering custody, derivatives, structure products as well as other asset management products.
Furthermore, FTX also disclosed that Gustavo Miguel, an ex-Coinbase Global Inc. executive, has been appointed as the U.S. Head of FTX Access. Within this role, Mr. Miguel will leverage his career in institutional finance to direct the growth of FTX Access’s U.S. operations.
This occurred right after FTX continued its global expansion with the establishment of FTX Europe.
On the Flipside
- Before joining FTX Access, Gustavo Miguel was a founding member of Coinbase Risk Strategies, and he was the Global Head of Derivatives there.
Why You Should Care
Crypto platforms have seen an increase in competition when it comes to institutional clients, as the sector has gradually gone mainstream, and developments such as these could put the cryptocurrency exchange FTX further on top.