FTX.US, a subsidiary headquartered in the United States Sam Bankman-FriedThe cryptocurrency exchange FTX is acquiring the crypto derivatives platform LedgerX for an undisclosed amount.
West Realm Shire Services, owner of FTX.US, Announce On Tuesday, the company has executed a sale and purchase agreement to acquire Ledger Holdings, the parent company of LedgerX. The company pointed out that the transaction is expected to be completed before the customary closing conditions are met.
LedgerX is a digital currency futures and options exchange regulated by the Commodity Futures Trading Commission, swap execution instruments and derivatives clearing organizations. The platform is available to retail and institutional investors, allowing them to trade cryptocurrency futures through the physical settlement of all contracts.
According to the announcement, the acquisition will not have a significant impact on LedgerX’s operations, because the platform will continue to provide current services to its existing customer base.According to reports, the deal will supply FTX.US can provide Bitcoin options and futures contracts (Bitcoin) And ether (Ethereum) For institutional and retail investors, significantly expand its spot trading services.
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“We believe that the integration of our technical capabilities, product portfolio, and large balance sheet with LedgerX will enhance our ability to provide innovative products to all U.S. cryptocurrency traders,” said Brett Harrison, president of FTX.US. He also pointed out that the industry’s efforts to establish relationships with regulatory agencies such as the CFTC are crucial.
The news was released after FTX.US’s affiliated global crypto exchange FTX released the largest private fundraising event in crypto history. Raised 900 million US dollars In July. The company’s CEO Sam Bankman-Fried (Sam Bankman-Fried) Said in a Forbes interview on Monday So far, the crypto derivatives market is a “somewhat misunderstood area”, but it has the potential to significantly expand the crypto market by increasing liquidity and improving overall efficiency.