West Realm Shire Services Inc. announced Tuesday that it had acquired the regulated Commodity Futures Trading Commission. (CFTC) futures and options on currencies, and the Ledgerx clearinghouse.
FTX acquires Ledgerx in order to exchange virtual currency options and futures
Ledger xThe cryptocurrency giant bought it FTXAccording to an Aug. 31 announcement. According to an Aug. 31 announcement, Ledgerx is a popular cryptocurrency derivatives platform that has “over 10,000,000 crypto options and swap contract” since 2017. Ledgerx claims it has “over 10 million crypto options and swap contracts” since 2017.
Tuesday’s announcement by FTX clarified that the “financial terms” of the deal had not been disclosed. The acquisition is ongoing at this time and will be completed once the usual closing conditions have been met.
Brett Harrison, president and CEO of FTX, said that this acquisition was a significant milestone for our rapidly expanding US business. US at the time the announcement was made. Harrison added:
We believe that integrating Ledgerx’s technology capabilities, product portfolio, track record, and extensive track record will improve our ability to provide innovative products to U.S. cryptocurrency traders. We are excited about this step and will work with US regulators for compliance with the existing derivatives license regime.
The announcement states that the new crypto exchange can now meet the needs “retail and institution traders” because the two entities have been combined. FTX also plans to build strong relationships with US regulators. It has stressed that it will “specifically work with the CFTC”.
Zach Dexter, CEO of Ledgerx and co-founder, believes FTX can help forge strong relationships with US regulators.
“US crypto derivatives are an incredibly underserved market,” Dexter said. “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, ”Ledgerx CEO added.
Sam Bankman-Fried, CEO of FTX, Tuesday NotedTwitter user @stylo_hloette said that “This is probably among the most exciting announcements I’ve ever had.”
What do YOU think of FTX’s acquisition of Ledgerx’s crypto derivatives platform? Please share your thoughts in the comments below.
Image credit: Shutterstock. Pixabay. Wiki Commons
DisclaimerThis article is intended for informational purposes only. This article does not constitute an offer to sell or solicit a sale, nor is it a recommendation or endorsement for any product, business, or service. Bitcoin.comThis company does not offer advice on investment, tax, legal and accounting matters. The author and neither the company are responsible for any loss or damage resulting from or allegedly caused in connection to the use or reliance of any content, good/service or information mentioned in this article.