FTX.US acquires Bitcoin derivatives platform LedgerX
FTX.US, the United States-based affiliate of Sam Bankman-Fried’s cryptocurrency exchange FTX, is acquiring crypto derivatives platform LedgerX for an undisclosed amount.
FTX.US’ owner, West Realm Shire Services, announced on Tuesday that the company had executed a sale-and-purchase agreement to acquire LedgerX’s parent company, Ledger Holdings. The deal is expected to close, pending satisfaction of customary closing conditions, the firm noted.
LedgerX is a digital currency futures and options exchange regulated under the Commodity Futures Trading Commission, Swap Execution Facility and Derivatives Clearing Organization. The platform is available for retail and institutional investors, allowing them to trade cryptocurrency futures with the physical settlement of all contracts.
According to the announcement, the acquisition will have no material impact on LedgerX’s operations as the platform will continue to provide its current services to its existing customer base. The deal will reportedly provide FTX.US with the ability to offer options and futures contracts on Bitcoin (BTC) and Ether (ETH) to institutional and retail investors, significantly expanding its spot trading services.
Related: SEC could approve Bitcoin futures ETF in October, analysts predict
“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,” FTX.US president Brett Harrison said. He also noted that it’s crucial for the industry to strive for relationships with regulators such as the CFTC.
The news comes after FTX.US’ affiliate global crypto exchange, FTX, posted the largest private fundraiser in crypto history, raising $900 million in July. The company’s CEO, Sam Bankman-Fried, said in a Monday Forbes interview that the crypto derivatives market is a “somewhat misunderstood area” so far, but it has the potential to significantly expand crypto markets wider by adding liquidity and making them more efficient in general.
Source: Cointelegraph.com
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