Coinbase Custody recently disclosed that it would be providing primary custodian services for FTX exchange token, FTT.
The announcement in Coinbase’s official blog post shared further details on Coinbase Custody taking up the responsibility for the storage of the FTX ERC-20 exchange token.
Coinbase Custody International is excited to have been selected by FTX as their primary 3rd party custodian, including the storage of their $FTT exchange token. Read more here https://t.co/dLbnvzgmiR
— Coinbase Custody (@CoinbaseCustody) May 21, 2020
According to the post, the selection of the crypto assets custodian only happened after its storage solution passed FTX review and rigorous scrutiny. Essentially, it validated Coinbase’s reputation for world-class security, regulatory compliance, and insurance coverage.
Coinbase Custody also pointed out that FTX was its largest exchange client. The Binance-backed crypto derivatives platform thus joins a roster of world-class institutions currently on the Coinbase Custody platform. These institutions include leading crypto firms like Grayscale Investments, Polychain Capital, a16z crypto, among others. In the blog post, the crypto custodian affirmed its commitment to serve a wide spectrum of institutional clients including exchanges, brokerages, hedge funds, etc.
FTX launches US platform
The recent development adds to the crypto exchange’s efforts to improve its relevance in the crypto community. FTX recently announced the launch of a new trading platform for its US users.
According to Sam Bankman-Fried, FTX founder and CEO, the new exchange would offer a lot of liquidity as well as 10 times leverage and competitive fees on its platform. “I think US crypto customers have been under-served for a while, and I’m excited to try to push the industry forward,” he added.
FTX.US currently offers trading in six coins, namely, BTC, ETH, BCH, LTC, PAXG, and USDT. Bankman-Fried also stated that they were looking forward to competing against rivals such as Binance.US, Coinbase, Kraken, and Gemini, among others.
As a top cryptocurrency exchange, the FTX platform offers innovative products including industry-first derivatives. Notably, since its launch last year, the exchange has emerged as a top player in the crypto derivatives community.
FTX.US is a brand new US-regulated arm of the crypto exchange that aims to develop the digital currency ecosystem. It aspires to become the market-leading US crypto exchange by volume over the next years. Notably, FTX.US has standard security, including a custom-built hot and cold wallet solution, besides full external backing of all hot wallet funds.
Coinbase Custody was in the news recently for providing staking services and effective governance for Cosmos (ATOM) and Algorand (ALGO) tokens.