Cryptocurrency news

FTX Exchange to acquire LedgerX

A press release revealed that FTX.US will now acquire the CFTC-regulated futures and options platform LedgerX through the purchase of its parent company, Ledger Holdings Inc.

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FTX.US President Brett Harrison said the purchase was an important time for the company’s growing business and was a key element in bringing crypto derivatives to its markets. users.

“This acquisition marks a significant milestone for our rapidly growing US business and is a key part of our strategy to bring regulated crypto derivatives to our US user base. We believe that integrating our technological capabilities, our product portfolio and our large track record with LedgerX will enhance our ability to deliver innovative products to all US cryptocurrency traders, ”said Harrison.

Harrison also added that the move would help them take another step with U.S. regulators to ensure the company’s compliance going forward.

“We are delighted to take this step and to work with US regulators to ensure compliance with the existing derivatives licensing regime. We believe it is the industry’s responsibility to be proactive and seek working relationships with regulatory groups like the CFTC to help shape the future of our industry. “

LedgerX is a CFTC regulated Swap Execution Facility (SEF), Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO). The acquisition by FTX.US gives it the possibility of now offering all these functionalities without having to go out and secure its own license.

LedgerX CEO and co-founder Zach Dexter said it took a lot of time and resources for LedgerX to become regulated the way it is and that crypto derivatives are scarce in the crypto industry.

“US crypto derivatives are an incredibly underserved market, and it took us time and resources to become a regulated entity under existing frameworks. FTX.US felt, which we share, that US regulators are ready and willing to partner on innovative products, and it is the responsibility of the industry as a whole to step up and work with agencies like the CFTC, ”Dexter said.

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