To address Wall Street’s rising interest in digital assets, FTX, the Bahamian cryptocurrency exchange, has launched a new business aimed at institutional clients.
According to a statement released on Wednesday, the new entity, known as FTX Access, would initially concentrate on index products, analytical tools, and advisory services for institutional-grade customers.
The business intends to expand its services to include exposure to crypto derivatives as well as other structured products for high-net-worth customers. According to the announcement, the new business entity will also provide virtual asset custody and asset management services.
Gustavo Miguel will lead the new business division’s US operations, with Jon Cheesman serving as FTX Access’ worldwide CEO. Miguel used to be the head of global derivatives at Coinbase. He also worked for Morgan Stanley. Cheesman has been in charge of growing the over-the-counter customer base for the exchange.
The launch of an institutional client-focused business unit by FTX is the latest in a long line of expansions spearheaded by the exchange behemoth. FTX stated earlier this week that it would begin delivering services to European consumers.
The exchange has also just established a new gaming company and hopes to make a mark in the $300 billion high-end fashion sector with the hiring of Lauren Remington Platt as its new head of global luxury partnerships.