Coinbase Custody, the crypto custody division of the popular crypto exchange Coinbase, has just announced it will store and insure FTX's token.
According to the official announcement shared on May 21, Coinbase Custody will be the primary custodian for the ERC-20 based FTT token.
Coinbase has said that even though FTX is its "largest exchange client to-date," it has already offered its custody services to other important companies such as Grayscale Investments, Polychain Capital and a16z crypto.
The exchange has reported crypto watchers may notice large transfers of FTT tokens, however, they should not worry as they are simply being transferred to Coinbase Custody's secure storage platform.
The news comes shortly after it was known crypto derivatives platform FTX had launched a US exchange.
At the end of last month it was reported the platform intends to expand to the US, and to do so FTX.US has already been registered as a money services business (MSB) with the Financial Crimes Enforcement Network (FinCEN) and is working to get state-level money transmitter licenses (MTL) in several states.
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