FTX.US capitalizes on derivatives and acquires the LedgerX platform

FTX.US offers the LedgerX platform

For an undisclosed amount, the American subsidiary of the FTX platform, FTX.US, has just acquired LedgerX, a company specializing in crypto-asset derivatives.

The transaction is expected to close during the month of next October according to the official statement, and would allow FTX.US to offer its plethora of new cryptocurrency-related products to its US-based clients. FTX International users can already use derivatives like futures, but the US platform still does not have this option.

Indeed, LedgerX is already regulated by the Commodity and Futures Trading Commission (CFTC), FTX.US will be able to use its license to offer new services to its clients. To date, LedgerX offers Bitcoin (BTC) and Ether (ETH) futures, options and swaps.

As a first step, LedgerX will retain its independence and will continue to offer its own services to its users. In the near future, LedgerX will be entirely under the aegis of FTX.US and the latter will then absorb all the services offered by the newly acquired platform.

“We want to plant our flag in something that is unique to us,” said Brett Harrison, CEO of FTX.US. “FTX International has operated a platform with a monthly derivative volume of $ 500 billion for two years without experiencing significant liquidations or downtime. We have the feeling that this is clearly part of our competence. “

👉 Going Further – FTX Signs 7-Year Deal With Riot Games For League Of Legends Competitions

An important market for FTX.US

For FTX.US, this operation is particularly strategic, and should take the platform to new heights. The cryptocurrency derivatives market is booming and is particularly aimed at professional traders and institutions.

During the month of July, data from The Block shows that nearly $ 816.5 billion was traded on the spot markets of cryptocurrency exchange platforms. By way of comparison, the volume of derivative products represents the equivalent of $ 1,470 billion over the same period.

These numbers speak for themselves, the derivatives market is of paramount importance to trading platforms, and FTX is capitalizing heavily on it to secure its future within the ecosystem.

Far behind Deribit, LedgerX alone trades nearly 4% of the Bitcoin options volume. Regarding futures, LedgerX trades negligible volume, far from its main authorized competitors in the United States like CME.

However, LedgerX is no longer going it alone and FTX.US will certainly go to great lengths to attract new users to its offer, which is constantly in development.

FTX and FTX.US are on the way to creating a real empire in the cryptocurrency industry, as the group led by Sam Bankman-Fried has only just celebrated its 2nd birthday.

In addition, this is not the first time that an FTX group entity has acquired a third-party platform. In August 2020, FTX in fact acquired the Blockfolio portfolio tracking application for an amount of $ 150 million.

What will be the next company to join the FTX group? The answer will certainly be in a few months …

👉 On the same theme – FTX raises $ 900 million for a valuation of $ 18 billion

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About the author: Clément Wardzala


Editor-in-chief of Cryptoast, I discovered Bitcoin and blockchain technology in 2017. Since then, I have endeavored to share qualitative content so that the sector is democratized among everyone.
All articles by Clément Wardzala.

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