FTX floats institutional business, recruits former Coinbase executive

FTX, the crypto exchange founded by Sam Bankman-Fried, has launched a new business geared towards institutional clients to meet Wall Street’s growing interest in digital assets.

The new unit, known as FTX Access, will initially focus on service areas like index products, analytical tools and advisory services for institutional-grade clients, according to a statement on Wednesday.

FTX Access has plans to expand its service coverage to include exposure to crypto derivatives as well as other structured products for big-money clients. Virtual asset custody and asset management services are also on the horizon for the new business unit, the announcement added.

Gustavo Miguel will lead the US arm of the new business division with Jon Cheesman as the global chief of FTX Access. Miguel was formerly the head of global derivatives at Coinbase and has also worked for Morgan Stanley while Cheesman has spearheaded the expansion of the exchange’s over-the-counter client base.

FTX unveiling an institutional client-focused business unit is only the latest in a series of expansion pushes by the exchange giant. Earlier in the week, FTX announced that it will begin offering services to customers in Europe.

The exchange has also recently launched a new gaming business as has plans to make a splash in the $300 billion high-end fashion industry following the appointment of Lauren Remington Platt as its new head of global luxury partnerships.