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US-cryptocurrency exchange FTX.US announces acquisition with LedgerX

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Rushali Das Follow

INDIA

Sep, 03 2021

Sep, 03 2021

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FTX.US today announced the execution of a sale and purchase agreement to acquire the parent company of LedgerX LLC. ("LedgerX"), Ledger Holdings Inc.

The amount of acquisition remains undisclosed. According to the news, this acquisition will have zero impact on LedgerX’s current operations. The platform will continue to provide its services to the existing customer base. According to this deal, FTX.US will offer options and futures contracts on Bitcoin (BTC) and Ether (ETH) to all institutional and retail investors, thus expanding its spot trading services significantly.

The president of FTX.US, Brett Harrison, exclaims, "This acquisition marks a significant milestone for our rapidly growing US business and is a key part of our strategy to bring a regulated crypto derivative to our US user base. We believe the integration of our technological capabilities, product portfolio, and large balance sheet with LedgerX will enhance our ability to provide innovative products to all US cryptocurrency traders.”

The president also said that he believed that it is “incumbent” today for an industry to be proactive and seek out working relationships with CFTC kind of regulatory groups that help to shape the industry’s future.

The CEO and Co-Founder of LedgerX, Zach Dexter, announced on this news, "US crypto derivatives is an incredibly underserved market, and it took time and resources for us to become a regulated entity under the existing frameworks."

He also exclaimed how happily FTX.US had adopted their view of the US regulator’s willingness to partner on innovative products. It remains the industry’s responsibility as a whole to work with agencies like the CFTC.

FTX.US aims to grow the digital currency ecosystem and a platform to offer US traders. They aim to become the market-leading US cryptocurrency exchange over the next two years. LedgerX, on the other hand, is available for retail and institutional investors to trade cryptocurrency futures with the physical settlement of contracts.


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Rushali Das

CBW - External Analyst

INDIA

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