On 31st August, FTX announced it was interested in acquiring the Ledgerx cryptocurrency derivatives platform.
According to FTX representatives, the agreement still being under consideration, the financial terms of the transaction cannot be disclosed. Nevertheless, Brett Harrison, the president of FTX.US, has already commented on the issue, “This acquisition marks a significant milestone for our rapidly growing US business and is a key part of our strategy to bring regulated crypto derivatives to our US user base.”
Harrison added, “We believe the integration of our technological capabilities, product portfolio and large balance sheet with Ledgerx will enhance our ability to provide innovative products to all US cryptocurrency traders. We’re excited to take this step and work with US regulators to ensure compliance with the existing derivatives licensing regime.”
The FTX announcement also states that now, with their company merged with Ledgerx, they will be able to meet the needs of both retail and institutional traders. The trading platform is set up to build strong relations with the regulators of the United States and is looking forward to cooperating with the CFTC (Commodity Futures Trading Commission).
The CEO of FTX Sam Bankman-Fried also shared his thoughts in a tweet, saying, “This is probably one of the most exciting announcements we’ve ever had.”
The acquisition is pending at the moment and is expected to settle after customary closing conditions are satisfied. More FTX news here.
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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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