The popular crypto exchange platform FTX is continuing its expansion in the crypto space with new acquisitions and purchases. The latest news says that FTX has acquired the Ethereum and Bitcoin derivates exchange platform called LedgerX. Notably, the Commodities and Futures Trading Commission has provided the license for LedgerX. With this purchase, FTX will be able to offer cryptocurrency derivates to users in the United States. Some of these derivatives consist of swaps, futures contracts, and other options on both ETH and BTC. The amount of the purchase deal has not been disclosed.
As per the online sources, the closure of the deal has been set for October 2021. With this, FTX will become a competitor for other crypto exchanges in the United States, like Coinbase, Gemini, Chicago Mercantile Exchange (CME), and others. In a recent interview, the chief executive of FTX United States division, Brett Harrison, stated that the company wants to start something unique. They feel that going into the derivatives market is a natural progression, as the exchange has been running with a monthly volume of $500 billion in derivatives for quite some time. FTX feels that dealing in derivatives will be in their wheelhouse.
The CEO of FTX, Bankman Friend, has termed this acquisition as an exciting development for the crypto world, and possibly the most lucrative one since FTX’s inception. He has also expressed that the company is looking forward to working with the Commodities and Futures Trading Commission and spearhead innovation in the crypto derivatives market in the United States.