FTX.US subsidiary acquires LedgerX Bitcoin derivative platform for an undisclosed amount this is in a bid to dive into Bitcoin and Ether futures trading.
West Realm Shire Services, the owner of FTX.US, stated on Tuesday that it has completed a sale-and-purchase deal to buy LedgerX’s parent business, Ledger Holdings. The deal is expected to close, pending satisfaction of customary closing conditions, the firm noted.
The Commodity Futures Trading Commission, Swap Execution Facility, and Derivatives Clearing Organization all regulate LedgerX, a digital currency futures and options exchange.
The platform is open to both retail and institutional investors, allowing them to trade cryptocurrency futures with all contracts being physically settled.
The acquisition will have no major impact on LedgerX’s operations, according to the release, since the platform will continue to provide its current services to its existing customer base.
The agreement would purportedly allow FTX.US to provide institutional and retail investors options and futures contracts on Bitcoin (BTC) and Ether (ETH), greatly expanding its spot trading services.
FTX.US president Brett Harrison stated, “We believe the merging of our technological capabilities, product portfolio, and big balance sheet with LedgerX will increase our capacity to supply innovative solutions to all US bitcoin traders.” He also stressed the need for the industry to pursue positive ties with regulators such as the CFTC.
The development comes after FTX.US’ affiliate global crypto exchange, FTX, raised $900 million in July in the largest private crypto campaign in history.
In a Monday Forbes interview, the company’s CEO, Sam Bankman-Fried, claimed that the crypto derivatives market is now a “very misunderstood area,” but that it has the ability to greatly grow crypto markets by increasing liquidity and making them more efficient in general.
