Former senior executive at banking conglomerate HSBC Jonathan Cheesman joined the FTX crypto derivatives exchange as head of OTC and Institutional Sales.
Welcome to the team @jon_ftx! This was an episode in which I learned a good deal about financial institutions and the relationships we’re seeing between them and crypto. A great episode for those wondering what institutional adoption means.
Full ep: https://t.co/lMQB3P9oPd https://t.co/4r8ystGusO pic.twitter.com/3kanuBoFlQ
– Tristan Yver (@jackshaftoes) May 3, 2021
At HSBC, Cheeseman was in charge of banking and hedge funds in the foreign exchange market. In an interview with The Block, the specialist noted that he is intended to become “a bridge between traditional finance and cryptocurrency market participants.”
“I am very happy to be an intermediary and assistant for people who are just getting started with cryptocurrencies in the traditional finance industry,” said Chizman.
FTX’s goal is to serve traditional financial institutions, including banks, payment companies, and hedge funds. The exchange expects to acquire digital assets for them and participate in the creation of structured products.
According to Chizman, the institutional adoption of cryptocurrencies is only gaining momentum.
FTX CEO Sam Bankman-Fried said the exchange is currently in talks with more than 30 institutions. The company finds out what services they are interested in and develops beta versions of the corresponding products.
Chizman said the company is organizing a major round of financing to expand the business. Bankman-Freed confirmed this information, but did not disclose details.
As a reminder, in April 2021, FTX launched futures contracts for the future value of shares of the online broker Robinhood.
At the end of 2020, the exchange offered similar tools for Coinbase and Airbnb securities.
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