LedgerX cryptocurrency derivatives platform is acquired by FTX

FTX.US, the US-based subsidiary of Sam Bankman-Fried’s FTX cryptocurrency exchange, wins the LedgerX crypto derivatives platform for an undisclosed amount. West Realm Shire Services, owner of FTX.US, announced today that the organization has entered into a purchase agreement for LedgerX’s parent company, Ledger Holdings. The agreement could be concluded before the end of the year, provided the customary closing conditions are met.

LedgerX is a cryptocurrency futures and options exchange under the auspices of the Commodity Futures Trading Commission (CFTC), the Swap Execution Facility (SEF), and the Derivatives Clearing Organization (DCO). It is accessible to private and institutional financiers and enables them to exchange digital money futures with the actual settlement of all contracts.

Zach Dexter, CEO and Co-Founder of LedgerX added, “US crypto derivatives are an incredibly underserved market and it took time and resources to become a regulated company in the current environment. FTX.US believes that we share the view that US regulators are ready and willing to partner on innovative products, and it is the responsibility of the entire industry to step up and work with agencies like the CFTC. “

According to the announcement, the procurement should not affect LedgerX’s activity as the platform will continue to offer its current types of support to its current customer base. The agreement will allegedly give FTX.US the ability to offer institutional and private funders options and futures contracts on Bitcoin (BTC) and Ether (ETH), allowing the company to expand its activities in the spot trading segment.

“We believe that the integration of our technological capabilities, our product portfolio and our large balance sheet with LedgerX will improve our ability to bring innovative products to all US cryptocurrency traders,” said FTX.US President Brett Harrison. He added that it is important for the industry to seek solid and positive relationships with regulators such as the CFTC, SEF and others.

The news comes after FTX.US global crypto trading company, FTX, released the largest private funding round in the cryptocurrency ecosystem, which attracted $ 900 million in July. CEO Bankman-Fried said in a Forbes interview on Monday that the cryptocurrency derivatives market is currently a “somewhat misunderstood area” but added that it could potentially expand the cryptocurrency markets fundamentally by adding liquidity and making them more productive overall.

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