Home Crypto Bitcoin and Crypto Exchange Consolidation: FTX.US Buys LedgerX

Bitcoin and Crypto Exchange Consolidation: FTX.US Buys LedgerX

Cryptocurrency derivatives change FTX has acquired digital asset administration platform LedgerX for an undisclosed quantity.

LedgerX is regulated by the Commodity Futures Trading Commission (CFTC) and serves each retail and institutional buyers.

FTX CEO Sam Bankman-Fried stated on Twitter that he was trying ahead to working in a extra regulated surroundings with the CFTC:

“We’re excited to work with the @CFTC on innovating within the US crypto derivatives area in a regulated, understood method. Common floor between regulators and business is the inspiration of protected, sustainable innovation.”

The acquisition comes on the heels of a number of latest large strikes by FTX.

In July, the corporate closed $900 million in a Series B funding spherical, bringing its whole valuation to $18 billion.

Last week, FTX partnered with Japanese change Liquid by infusing $120 million after the platform was hacked for an estimated $90 million. The two entities have additionally “entered good religion discussions in pursuit of additional collaborative alternatives.”

LedgerX CEO and co-founder Zach Dexter says of as we speak’s announcement,

“US crypto derivatives is an extremely underserved market. FTX.US has taken the view, which we share, that US regulators are prepared and keen to companion on revolutionary merchandise, and it’s the duty of the business as a complete to step up and work with businesses just like the CFTC.”

FTX president Brett Harrison defined that past regulatory compliance, the transfer will assist to attain the corporate’s strategic targets.

“We imagine the combination of our technological capabilities, product portfolio and massive stability sheet with LedgerX will improve our potential to offer revolutionary merchandise to all US cryptocurrency merchants. We imagine it’s incumbent upon the business to be proactive and to hunt out working relationships with regulatory teams… to assist form the way forward for our business.”

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Featured Image: Shutterstock/dibrova

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