Derivatives & Spot Exchange FTX Joins Coinbase Custody International
- The native $FTT exchange token will be securely stored on Coinbase Custody.
- FTX is the largest crypto derivativesexchange to-date to join Coinbase’s custody solution.
Sam Bankman-Fried, former CEO of FTX, speaking at the Binance Blockchain Week, Singapore, 19 January, 2019. Binance
FTX has become the largest exchange to-date to join Coinbase Custody International, Coinbase announced on May 21. It will accompany crypto firms such as Grayscale Investments and Polychain Capital, who are already using Coinbase’s custody solution.
FTX focuses on futures and other assets and provides leverage of up to 101x. It also prides itself on tight spreads and low fees, being one of the most popular crypto derivatives trading platforms on the market.
As a start, the native-to-the-exchange ERC-20 $FTT will be the asset that will be securely stored on Coinbase Custody. In the announcement, Coinbase explains that large transfers of FTT will soon be present and shouldn’t worry users. Those will be “controlled, closely monitored migrations of $FTT onto Coinbase Custody’s secure, offline storage platform”.
Earlier this month, Coinbase became, alongside Gemini, the first of two crypto exchanges to become J.P. Morgan customers. The digital assets custody platform prides itself on security and compliance, providing clients with a nurtured environment where they can confidently trade, store, and interact with cryptocurrency.
- The New York Jurors took 4 fours of deliberating before pronouncing the former FTX CEO guilty of all seven charges of fraud and conspiracy to commit fraud.
- Bankman-Fried will now have to appear in court on 28 March, 2024, where he will face a potential maximum sentence of 115 years in prison.
Former CEO of FTX Sam Bankman-Fried leaves the Federal Court in New York after pleading not guilty, 3 January, 2022.
lev radin/Shutterstock
- A little over $13 million in altcoins were sent to crypto exchanges Binance and Coinbase in the past 24 hours, which is in accordance with a September court order.
- The court ordered a phased liquidation process, which allows the bankruptcy estate to sell $3.4 billion worth of digital assets over a certain period of time.
- Joseph Pimbley, a member of litigation consulting firm PF2 Securities, will try to rebuff testimonies from Caroline Ellison, Gary Wang, Nishad Singh, and Adam Yedidia.
- During his testimony Pimbley will try to establish a timeline for the FTX-Alameda line of credit, and convince the jury it fluctuated between $1 billion and $3 billion between 2021 and 2022.