FTX acquires LedgerX, a crypto derivative platform, that has been approved by the US. There has been no information on the cost of this acquisition. This will allow FTX to offer future and options trading. In fact, the president of the company said that there is a high demand for both of these from institutions and retailers. And since there has been a lot of controversy regarding this particular form of investment recently and only approved exchanges can offer them, gives FTX an advantage.
About LedgerX
LedgerX became the first exchange in the US to offer crypto trading options. It was found back in 2017 and has been doing great since then. They have complete over 10 million transactions in options and contract till now. The company also provide services to both retail and institutional traders and bring physical settlement of contracts on the table. LedgerX even has the option for algorithmic trading for investors interested in the same.
FTX’s goals
There is a lot of investment and derivative products in the crypto space and FTX’s goal is to offer them. And yes, not just in the US but they intend to expand to other countries as well. Their main plan is to work in the regulated markets which will help them be on the right foot with the feds. This is also the reason they have enabled a special site FTX.US that is overseen by the US regulators and is accessible across the country.
FTX plans to leverage LedgerX’s already strong business and offerings to bring in more services on their platform. For now, the primary focus will be to integrate the future options in the FTX.US platform. They are also planning to experiment and add new things that don’t exist on either of the platforms now. Since Binance has been asked to stop offering their derivative product in a lot of countries it is an opportunity for many (especially FTX). Let’s see if they are able to take advantage of this latest acquisition and expand to more countries when there is a lot of opportunities.
What are your thoughts on the growth opportunities as FTX acquires the crypto derivative platform? And do you think that they will provide services in other countries as well? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.
Also Read: Users fear being hacked on Coinbase after dodgy emails