Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
FTX.US acquires LedgerX for an undisclosed amount to dive into Bitcoin and Ether futures trading.
FTX.US, the United States-based affiliate of Sam Bankman-Friedâs cryptocurrency exchange FTX, is acquiring crypto derivatives platform LedgerX for an undisclosed amount.
FTX.USâ owner, West Realm Shire Services, announced on Tuesday that the company had executed a sale-and-purchase agreement to acquire LedgerXâs 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 LedgerXâs 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
âWe 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,â FTX.US president Brett Harrison said. He also noted that itâs crucial for the industry to strive for relationships with regulators such as the CFTC.
The news comes after FTX.USâ affiliate global crypto exchange, FTX, posted the largest private fundraiser in crypto history, raising $900 million in July. The companyâs CEO, Sam Bankman-Fried, said in a Monday Forbes interview that the crypto derivatives market is a âsomewhat misunderstood areaâ so far, but it has the potential to significantly expand crypto markets wider by adding liquidity and making them more efficient in general.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.