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.