FTX Unveils Crypto Advisory Service
Posted by Colin Lambert. Last updated: March 10, 2022
Cryptocurrency exchange FTX has announced the launch of FTX Access, which will initially offer advisory services, index products, trade execution, analytical tools and capital introductions for institutional investors interested in gaining exposure to digital assets.
FTX says the new venture will, at a future date, further explore offering custody, derivatives, structured products and other asset management products.
The new unit is headed by Jon Cheesman, former head of FX sales, hedge funds, at HSBC in London, who is global head of FTX Access. Cheesman joined FTX in May 2021 to run its OTC client services business.
Also as part of the launch, Gustavo Miguel has been appointed as the US head of FTX Access. Prior to joining the firm, Miguel was a founding member of Coinbase Risk Strategies, where he was the global head of derivatives for nine months. Before Coinbase, he ran global trading at Passport Capital for two years. Miguel began his Wall Street career in Morgan Stanley institutional equities, where he managed a proprietary portfolio, specialising in derivatives. Miguel will report to Cheesman.
“At FTX, we are always seeking to enhance and expand our offerings to meet client demand and FTX Access is the latest stage of that process,” says Cheesman. “Throughout our conversations with institutions seeking exposure to digital assets, they have vocalised a need for secure, transparent, and cost-effective execution, custody, and asset management services. FTX Access has been designed to fit just that need.”
Sam Bankman-Fried, CEO of FTX, adds, “The role crypto plays in the global financial landscape continues to expand, and with that comes an influx of institutions looking to add crypto to their balance sheets. To make the transition into the digital asset ecosystem seamless for these institutions, we have launched FTX Access in order to provide these companies with familiar services.
“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,” he continues. “We believe institutional interest in digital assets is accelerating so this is a great time to make it a top priority for FTX.”