Crypto exchange giant FTX has launched a division to offer advisory services, index products, trade execution, analytical tools and capital introductions for institutional investors seeking exposure to digital assets.
Called FTX Access, the new unit will eventually seek to offer custody, derivatives, structured products and other asset management products, according to a press release on Wednesday.
"The role crypto plays in the global financial landscape continues to expand, and with that comes an influx of institutions looking to add crypto to their balance sheets,” FTX’s CEO Sam Bankman-Fried said in the release. “To make the transition into the digital asset ecosystem seamless for these institutions, we have launched FTX Access in order to provide these companies with familiar services.”
FTX named Gustavo Miguel as U.S. head of FTX Access. Miguel was previously a founding member of Coinbase Risk Strategies, where he served as the global head of derivatives.
FTX’s move comes as crypto exchanges continue to build out their offerings for institutional investors. U.S.-based Coinbase (COIN) said last year it would be opening its prime brokerage to all institutional investors. Its prime brokerage offering stems from the exchange’s acquisition of Tagomi in May 2020.
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