Crypto exchange FTX.US acquires derivatives platform LedgerX
Crypto exchange FTX.US has agreed a deal to buy New York-based LedgerX, a digital currency derivatives exchange and clearinghouse, for an undisclosed sum.
FTX.US president Brett Harrison says the acquisition marks a “significant milestone” for the company and is a key part of its strategy to bring regulated crypto derivatives to its US user base.
He says: “We’re excited to take this step and work with US regulators to ensure compliance with the existing derivatives licensing regime.”
LedgerX is regulated by the Commodity Futures Trading Commission (CFTC) and provides digital asset futures and options trading services to both retail and institutional investors.
Since its launch in 2017, it has cleared over 10 million crypto options and swap contracts.
LedgerX CEO and co-founder Zach Dexter says it took “time and resources” for LedgerX to become a regulated entity under the existing frameworks.
“FTX.US has taken the view, which we share, that US regulators are ready and willing to partner on innovative products, and it’s the responsibility of the industry to step up and work with agencies like the CFTC,” Dexter adds.
The acquisition of parent company Ledger Holdings is expected to complete subject to customary closing conditions.