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Crypto exchange FTX finalizes its acquisition of LedgerX

25 Oct 2021 : 14:55
2 min read
  • FTX has concluded the acquisition of LedgerX after agreeing to the deal two months ago
  • LedgerX will now operate as FTX.US Derivative, allowing the exchange to offer crypto derivative services
  • The deal was concluded shortly after FTX raised $420 million from investors

FTX had agreed to acquire LedgerX months ago but has now finalized the deal.

LedgerX now part of the FTX family

FTX.US, the United States arm of the leading crypto exchange FTX, announced earlier today that it had completed the acquisition of LedgerX. The Company also disclosed that it had rebranded LedgerX to FTX US Derivatives.

In a press release earlier today, Brett Harrison, President of FTX US, said the completion of this acquisition is just the first step of many to provide the FTX US user base with access to the best products on the market.

The FTX executive added that

It should also be seen as a pivotal moment for FTX US as we continue to execute on our strategy to bring regulated crypto derivatives to our US user base. We believe the integration of the two organizations provides us with not only a technological advantage but also furthers our working relationship with the regulatory community in a positive, constructive and transparent manner.

FTX will now gain CFTC approvals

By finalizing the acquisition of LedgerX, FTX US will gain a CFTC regulated Designated Contract Market (DCM), Swap Execution Facility (SEF), and Derivatives Clearing Organization (DCO).  These would allow FTX to offer crypto derivatives trading services to retail and institutional investors.

The crypto exchange will also get to offer block trading and algorithmic trading opportunities for institutional investors. FTX first agreed on the deal in August, with the acquisition designed to make it possible for FTX.US to start providing derivative trading services to its customers in the United States.

The finalization of the deal also comes a few days after FTX raised $420 million to take its valuation to $25 billion.

Hassan Maishera

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