Crypto News

Coinbase to Custody FTX’s Exchange Token

Coinbase Custody has been selected by the Binance-backed derivatives exchange FTX to store and insure its exchange token, FTT.

Coinbase has announced that it will provide custody services for the exchange token of the Binance-backed crypto derivatives platform FTX (FTT) on May 22.

Coinbase Custody will comprise the primary custodian for the ERC-20 token, managing custody, compliance, and insurance for the FTT tokens.

Coinbase stated that FTX is its “largest exchange client to-date.”

The exchange noted that crypto watchers may notice large FTT transfers taking on the blockchain over recent and coming days, clarifying that they will be “closely monitored migrations of $FTT onto Coinbase Custody’s secure, offline storage platform.”

FTX expands into United States

The news follows FTX’s launch of a spot exchange in the United States earlier this month.

In order to facilitate the U.S. expansion, FTX registered as a money services business with the Financial Crimes Enforcement Network, or FinCEN, with the exchange expecting to soon receive several money transmitter licenses at the state level also.

The exchange also confirmed that it will apply for a BitLicense in a bid to service New York-based traders.

The exchange support trade between the U.S. dollar and Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Paxos Gold (PAXG), and Tether (USDT).

FTX.US plans to support additional crypto assets and fiat on-ramps in the future. The exchange also offers margin trading for “eligible traders.”

FTX rises to prominence

Since launching 12 months ago, FTX has emerged as a top player in the crypto derivatives sector, handling $250 million in volume over the past 24 hours.

In December, FTX secured a “strategic investment” from Binance on an undisclosed sum.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

Write a Comment

Related Crypto News

Ethereum Makes 3rd Attempt at New Highs as Options Skew Turns Negative
Ethereum made its third attempt to set new local highs against its Bitcoin trading pair in 2020 yesterday. This...
Bitcoin Closing the May Candle Above $9,360 is Crucial For Bulls: Here’s Why
In just a few minutes’ time, Bitcoin will close May’s price candle. Analysts say that this close will be...
Max Keiser: There Isn’t Anything Crypto Altcoins Do That Bitcoin Won’t Do
Ever since the peak of the 2018 crypto bull market, Bitcoin has been front and center for most investors....
Ethereum DeFi Nears $1 Billion Milestone Again, and That’s Big for the ETH Bull Case
Ethereum’s budding decentralized finance (DeFi) ecosystem took a heavy beating after the March capitulation crash. As I detailed in...
Goldman Scandal, BTC Bull Trap Fears, How Libra Will Make Money: Hodler’s Digest, May 25–31
Goldman Sachs attacks crypto, why Bitcoin may be wandering into a bull trap, and how Libra is going to...
Trading Bitcoin Vs. BTC Futures — Which Is Best for You?
A growing number of crypto exchanges are offering futures trading for Bitcoin and altcoins, can retail investors capitalize on...

Featured Crypto News

Bitcoin Sells Off At $9.5K Ahead of Trump’s China Response; What’s Next
Bitcoin breaks below $9,500, a crucial support level, a day after breaching it to the upside. The cryptocurrency pared...
Bitcoin May Surge as Chinese Yuan Gets Fixed to Lowest Price in a Decade
Unlike Bitcoin and other free markets, the Chinese yuan market is fixed and somewhat controlled by the country’s central...
Coinbase Now Supports Tezos Staking Rewards for UK and Some EU Users
Major crypto exchange Coinbase is rolling out Tezos staking rewards for users in the United Kingdom and three European...
Digital Currencies Could Threaten US Geopolitical Power, Warns JPMorgan
“There is no country with more to lose from the disruptive potential of digital currency than the United States,”...
Ethereum Could Stage Strong Rally As Double Bottom Pattern Emerges
Ethereum nosedived below the $202 support zone against the US Dollar. ETH price revisited the $192 support and it...
Bitcoin Traders Now Eye $6-7Ks After 4 Failed Attempts to Break $10K
The price of Bitcoin is set to test lower levels as support after numerous attempts to break $10,000 have...