Coinbase launches custody service for FTT
On May 22, the largest exchange in the United States, Coinbase, announced the launch of custody services for the FTT token belonging to the crypto derivatives platform FTX.
Strong growth of the FTX crypto platform
On May 22, the largest exchange in the United States, Coinbase, announced the launch of custody services for the FTT token belonging to the crypto derivatives platform FTX. Coinbase claims that in recent days, large blockchain FTT transfers could be observed and that in the future "closely supervised $ FTT migrations will take place on the Coinbase Custody offline and secure storage platform". The Coinbase Custody service encompasses custody, compliance and insurance management for FTT tokens.
Earlier this month, FTX announced the launch of an exchange spot in the United States as part of a plan to expand the company's services to major global markets. For this, FTX managed to register with the Financial Crime Control Network (FinCEN) as a money services company and they have already confirmed that they applied for a BitLicense so that New York-based traders can operate within the platform. Until now FTX users can trade between the US Dollar (USD) and Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Paxos Gold (PAXG) and Tether (USDT). It also offers a "margin trading" service for some traders.
The FTX platform was launched 12 months ago and has already become one of the main platforms offering services with crypto derivatives. In the last 24 hours, the platform registered a transaction volume of USD 250 million. Furthermore, in December 2019, Binance, one of the largest cryptocurrency exchanges in the world, invested an undisclosed sum in FTX that was listed by the exchange itself as a "strategic investment".