In an effort to lure institutional investors, cryptocurrency exchange FTX and its U.S. branch have announced the formation of a new division that will be led by a former Coinbase Global Inc. CEO. Gustavo Miguel is a writer from Mexico City.
The new FTX Access subsidiary aims to be a one-stop shop for consulting, trading, and analytical services.
Institutional Users Will Make Up Two Thirds of FTX Trading Volume
“This is our first big push as an institution.” Gustavo Miguel, president of FTX Access USA, stated, “We feel it is time to truly focus on this portion of the company.”
According to the crypto exchange, after the initial phase, FTX Access will explore offering custody, derivatives, and structured asset management solutions.
Currently, institutional accounts account for around two-thirds of FTX and FTX US trading volume, with retail accounts accounting for the remainder.
Coinbase is expanding its institutional product, Coinbase Prime, while Gemini expects to provide full-service prime brokerage in the second quarter of this year as the crypto business becomes more mainstream.