Former HSBC top executive Jonathan Chizman joined the crypto derivatives exchange FTX 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, Chizman led the unit serving banks and hedge funds in the foreign exchange market. In an interview with The Block, he noted that he is meant to be “a bridge between traditional finance and crypto market participants.”
“I am very happy to be a mediator and helper for people who are just starting to work with cryptocurrencies in the traditional finance industry,” Chizman said.
FTX’s aim is to serve traditional financial institutions, including banks, payment companies and hedge funds. The exchange plans to acquire digital assets for them and participate in the development of structured products.
According to Chizman, institutional adoption of cryptocurrencies is gaining momentum.
FTX Chief Executive Sam Bankman-Fried said the exchange is currently in talks with more than 30 institutions. The company is assessing which services they are interested in and developing beta versions of the respective products.
According to Chizman, to expand the business the company is organizing a large funding round. Bankman-Fried confirmed this but did not disclose details.
In April 2021, FTX launched futures contracts on the future price of Robinhood stock online broker.
At the end of 2020, the exchange offered similar instruments for Coinbase and Airbnb securities.
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