Major cryptocurrency exchange FTX is setting up a new unit, FTX Access, that will essentially focus on offering products and services to its institutional customers.
Per the press release issued Wednesday, the exchange will at first offer advisory services, index products, trade execution, analytical tools, and capital introductions to its clients. However, it also plans to scale its operations to add custody, derivatives, structured products, and other asset management products to the unit.
“Our goal is to provide services that make it easier for traders at all levels to invest in cryptocurrencies, while also meeting compliance and regulatory standards found in traditional finance,” FTX CEO Sam Bankman-Fried said in a statement. “We believe institutional interest in digital assets is accelerating so this is a great time to make it a top priority for FTX.”
For the new unit, FTX has hired Gustavo Miguel to head the department. Miquel was a founding member of Coinbase Risk Strategies, where he served as the Global Head of Derivatives. Miquel has also worked at Passport Capital and Morgan Stanley before joining Coinbase.
FTX is looking at large-scale expansions recently. Throughout 2021, the crypto exchange has signed several major sports, including the acquisition of naming rights of two stadiums in the United States, to scale its global marketing. More recently, FTX acquired an operating license from the Cyprus financial regulator ‘CySEC,’ to begin its full-scale operations in the European Market.