Coinbase to be in Charge of FTX’s Exchange Token

FTX has chosen Coinbase to be in charge of the FTT token and to insure it. FTX exchange is supported by Binance.

Coinbase made it known on May 22 that they will be keeping tokens from the FTX platform which is supported by Binance. These tokens are the FTT tokens.

They will be the chief custodian of the ERC-20 token, ensure compliance and also insure the FTT tokens.

Coinbase says FTX is the biggest exchange client it has gotten since beginning.

Coinbase is ready to regulate transactions with the FTT tokens both in the present and the future. They said, FTT will be “closely monitored migrations of $FTT onto Coinbase Custody’s secure, offline storage platform.”

FTX now in the United States

Coinbase’s selection to be the chief custodian of the FTT tokens comes after FTX gains a position to be an exchange service in the US.

To foster its growth in the US, FTX has registered with the Financial Enforcement Network (FinCEN) to be a money service business. With this move, it expects to be acknowledged by several states to do business in them.

In addition, FTX has plans to get BitLicense so that it can also operate in New York.

For now, FTX supports BTC, ETH, LTC, BCH, Paxos Gold and Tether (USDT)

They won’t stop at these few assets but will expand in the nearest future. Traders who are eligible for margin trading can also find FTX important.

FTX gains more fame

FTX has grown since it started a year ago. It is considered one of the best in the crypto derivatives sector. It has exchanged over $250 million in just about one day.

FTX, in December 2019, reached an agreement with Binance to buy one of its investments. The price agreed upon has not been made known.

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