Coinbase announced on May 22 that it will provide custody services for the FTX crypto-derivative platform (FTT) exchange token, which is supported by Binance.
Coinbase Custody will comprise the primary custodian of the ERC-20 token, managing the custody, compliance and insurance of the FTT tokens.
Coinbase stated that FTX is its „largest exchange customer to date“.
Offshore custody for crypto currency derivatives aims to make collateral transfers faster
The exchange noted that observers of Bitcoin Profit, Bitcoin Code, The News Spy, Bitcoin Revolution, Bitcoin Billionaire, Bitcoin Evolution, Bitcoin Era, Immediate Edge, Bitcoin Trader, Bitcoin Circuit may notice large FTT transfers taking place in the block chain in recent and upcoming days, clarifying that these will be „closely monitored $FTT migrations on the Coinbase Custody secure off-line storage platform.
FTX Expands in the United States
The news follows the FTX launch of a spot exchange in the United States earlier this month.
To facilitate expansion into the United States, FTX registered as a money services company with the Financial Crimes Enforcement Network, or FinCEN, with the exchange expecting to receive several statewide money transmitter licenses soon as well.
Bitfinex Derivatives Launches Bitcoin Perpetual Domain Exchanges
The exchange also confirmed that it will apply for a BitLicense license to serve New York traders.
The exchange supports trading between the US dollar and Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Paxos Gold (PAXG), and Tether (USDT).
FTX.US plans to support additional access routes for cryptoactives and trust currencies in the future. The exchange also offers margin trading for „eligible traders“.
FTX gets noticed
Since its launch 12 months ago, FTX has become a major player in the crypto-derivatives sector, with a volume of $250 million in the last 24 hours.
Total crypto-derivative volume in the first quarter of 2020 increased 314% over the average for the fourth quarter of 2019
In December, FTX obtained a „strategic investment“ from Binance for an undisclosed sum.