FTX.US, the U.S. affiliate of the FTX crypto exchange, has announced the acquisition of the LedgerX crypto derivative exchange.
What happened: According to a press release on Tuesday, FTX.US announced that it has signed a sale and purchase agreement to acquire Ledger Holdings Inc., the parent company of LedgerX LLC.
LedgerX is a crypto futures and options exchange regulated by the Commodity Futures Trading Commission (CFTC).
Under the CFTC, LedgerX operates as a Designated Contract Marketplace (DCM), Swap Execution Facility (SEF), and Derivatives Clearing Organization (DCO).
This acquisition marks a significant milestone for our rapidly growing business in the United States and is a key part of our strategy to bring regulated crypto derivatives to our US user base, ”commented Brett Harrison, President of FTX.US .
Read also: Former US President Donald Trump: Crypto Is A Disaster That Awaits
“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.”
FTX.US also said the acquisition will have no effect on LedgerX’s day-to-day operations. However, FTX.US may use the platform to provide its users with options and futures on Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) to institutional and individual investors.
US crypto derivatives are an incredibly underserved market, and it has taken us time and resources to become a regulated entity under existing frameworks, ”said LedgerX CEO and Co-Founder Zach Dexter.
In its four years of operation, LedgerX has cleared over 10 million crypto options and swaps in addition to pioneering Bitcoin mini-contracts that allow granular trading.
Price action: As of press time, the native FTX encryption token FTX Token (CRYPTO: FTT) was trading at a price of $ 56.58 after gaining 10.18% in the last 24 hours.
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