FTX, a renowned crypto exchange, employed the services of the former sales executive of HSBC, the biggest bank in the United Kingdom, as it plans to dive into providing service for the traditional financial institution.
The recent head of bank and forex sales to hedge funds in London, Jonathan Cheesman, has entered FTX as the institutional sales and OTC (Over-The-Counter) head. In this new role, he will be required to be the bridge between the crypto natives and traditional financial institutions, as he said in an interview with The Block.
He said: “I am elated to be the translator and facilitator for the people that are a novice to the crypto space in the mainstream finance.”
Jonathan has been an investor and crypto trader since around 2017. Before his employment with HSBC, he was a partner at Distributed Global, a crypto venture firm, helping with investor strategy and relations. His previous experience before Distributed Global includes a forex sales role at Barclay and 12 years with Goldman Sachs.
When he was asked about the reason for joining FTX now, he said, “it is perfect timing as the adoption of cryptocurrency into the mainstream institution is picking up. I will leverage my interaction and relationship with the hedge funds community, including the learning and servicing from the cryptocurrency native community of FTX.”
Employing the services of Jonathan Cheesman is one of the many steps FTX wants to take in entering the financial institution. Sam Bankman-Fried, the CEO of FTX, spoke with a representative of The Block that the firm is currently reaching out to over thirty traditional financial institutions, including payment processors, hedge funds, and banks, to explore their services in crypto offerings.
He said, “we are reaching out to the financial institutions proactively in their numbers to establish relationships and figure out what products are leading their Wishlist and in turn build a test version of the products.”
From his words, he noted that a number of the financial institutions had revealed their decision to enter the crypto space though a larger percentage has not invested big volumes. He further mentioned that he is sure that it will increase substantially this year.
Bankman-Fried, however, said, “as a firm, we are ready to give support to any of them.”
Since the launch of its activities and operations in 2019, FTX has grown tremendously. And based on trading volumes, it is now the fourth-ranked biggest spot crypto exchange. In April, according to the Data Dashboard of The Block, the exchange facilitated spot trading volumes worth about $44 billion on its platform.