FTX buys Ledger Holdings Inc to expand crypto influence 

FTX US, the United States arm of the Hong Kong-based derivatives exchange FTX, announced that it has successfully acquired Ledger Holdings Inc.

This company is owned by LedgerX, a crypto futures and options exchange that is regulated by the Commodity Futures Trading Commission (CFTC). LedgerX is a designated contract market (DCM), swap execution facility (SEF) and derivatives clearing organization (DCO) rolled into one.

Through the acquisition, it is expected that FTX US can finally add crypto derivatives to its product offerings. This is a big step for FTX US, but even though the acquisition went smoothly, the cost of the deal wasn’t revealed by both parties.

Passion for expansion

“We believe the integration of our technological capabilities, product portfolio, and large balance sheet with Ledger will enhance our ability to provide innovative products to all U.S. cryptocurrency traders,” Brett Harrison, FTX U.S. president, said.

He added that FTX US will work closely with the U.S. regulators to ensure that the crypto exchange company can follow all the existing policies of the government.

In a statement, the company said their combined capability will be very beneficial for both retail and institutional traders. But even with the successful deal, it highlights that working with CFTC and other regulators remains its top priority.

Massive opportunities

When asked about the deal, Zach Deter, LedgerX chief executive officer, said that there is still a lot of room to conquer in the U.S. crypto derivatives market. In other words, it is not yet saturated, which means that FTX US and LedgerX have a great opportunity to bring innovations there.

He added that LedgerX and FTX US share a common belief that every crypto exchange has the responsibility to work closely with regulators.

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/blockchain/ftx-buys-ledger-holdings-inc-to-expand-crypto-influence/