To satisfy Wall Street’s growing interest in digital assets, FTX, the crypto exchange created by Sam Bankman-Fried, has launched a new company oriented toward institutional clients. According to a statement released on Wednesday, the new entity, dubbed FTX Access, would first focus on index products, analytical tools, and advisory services for institutional-grade clients. For big-money clients, FTX Access wants to expand its service coverage to include exposure to crypto derivatives as well as other structured products. The new business entity will also offer virtual asset custody and asset management services, according to the release. With Jon Cheesman as the global chief of FTX Access, Gustavo Miguel will lead the new business division’s US arm. Miguel formerly worked at Morgan Stanley and was the president of global derivatives at Coinbase, while Cheesman oversaw the expansion of the exchange’s over-the-counter client base. The launch of an institutional client-focused business unit by FTX is the latest in a long line of development initiatives by the exchange behemoth. FTX stated earlier this week that it will begin delivering services to consumers throughout Europe. Following the appointment of Lauren Remington Platt as its new head of global luxury partnerships, the exchange has recently established a new gaming business and hopes to make a splash in the $300 billion high-end fashion industry.
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