By
Tolu Ajiboye
May 6th, 2024
FTX has appointed the former head of global derivatives at Coinbase Gustavo Miguel as the US Head of FTX Access.
Sam Bankman-Fried’s FTX has announced the launch of a new division called FTX Access.
The unit will be charged with offering a host of services for institutional clients whose interest in digital assets has continued to grow. These services will include advisory services, index products, trade execution, and capital introductions for institutional among others. Subsequently, the new unit will then look to offer custody, crypto derivatives, and other asset management products.
Bankman-Fried believes FTX Access will make the transition into the crypto ecosystem easy for intuitional investors. He noted:
“Our goal is to provide services that make it easier for traders at all levels to invest in cryptocurrencies.”
FTX has appointed the former head of global derivatives at Coinbase Gustavo Miguel as the US Head of FTX Access. As the head, Mr. Miguel will oversee the growth of FTX Access in the US as the company seeks to bring industry-leading products to the market while complying with the highest regulatory standards.
Jon Cheesman also joins Mr. Miguel as the global head of FTX Access. Previously, Mr. Cheesman was responsible for growing FTX’s OTC client services. In his comment, Mr. Cheesman noted the creation of FTX Access was FTX’s attest push to increase its offerings in line with customer demand.
Cheeseman expressed his belief that FTX Access was designed to cater to that need. He said:
“We are excited to bring these services to market and are looking forward to delivering our best possible services to our clients.”
FTX Access: Just One Stop in FTX’s Expansion Moves
The unveiling of the new unit is one of FTX’s expansion moves in recent times. Just this week, FTX announced it was starting operations in Europe. Also this March, the company announced a partnership with WonderFi to launch a new team called FTX Gaming. The team’s task is to focus on improving crypto and non-fungible token (NFT) adoption in the gaming ecosystem.
Again, the firm is looking to delve into the $300 billion fashion industry after appointing Lauren Remington Platt as the latest head of global luxury partnerships for FTX.
FTX is not the first to delve into institutional offerings. Back in 2021, Coinbase also announced the opening of a prime brokerage service for institutional investors.