FTX.US, the US affiliate of Hong Kong-based crypto exchange FTX has acquired the parent company behind crypto derivatives exchange LedgerX. The acquisition could see FTX.US bring regulated crypto derivative services to US customers. The funding details of the acquisition weren’t revealed by the company but the deal will reportedly close in October this year.
LedgerX, a CFTC approved crypto options and futures trading platform that settles physical contracts and has processed over 10 million crypto options and swap contracts, becoming a leading crypto derivative service provider. The recent acquisition by FTX.US whose parent company recently closed the highest crypto funding round in access of $900 million will look to create retail and institutional derivative products for the crypto market.
FTX.US president Brett Harrison said,
“It’s only natural to want to engage the largest capital market in the world inside the US with that same product through all of our existing institutional and retail customers who want to trade these products,”
LedgerX would initially continue offering its services to existing clients but over time both brands would merge. The partnership could help FTX.US climb the crypto derivatives market as well.
FTX.US has made significant progress in just over a year’s worth of experience, while its parent company is on an acquisition spree, signing multiple sports and naming right deals, the US-based sister company has also made significant progress. The US crypto derivatives market is largely unexplored given the high level of regulatory clampdowns. The partnership could help FTX.US elevate to become market leader especially at a time when the completion is rising.
Zach Dexter, CEO, and co-founder of LedgerX said,
“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. FTX.US has taken the view, which we share, that US regulators are ready and willing to partner on innovative products, and it’s the responsibility of the industry as a whole to step up and work with agencies like the CFTC.”
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