The exchange FTX.US announced the acquisition of Ledger Holdings Inc., the parent company of Ledger X, regulated by the Commodity Futures Trading Commission (CFTC), Swap Execution Facility, and Derivatives Clearing Organization. As a result, investors will trade futures contracts in cryptocurrencies, especially Bitcoin (BTC) and Ethereum (ETH).
The disclosure was made public by a press release on August 31. In the statement, the president of FTX. US, Brett Harrison noted that “the acquisition represents a significant milestone for the company’s business growth in the United States and is a key part of the strategy to bring regulated cryptoassets to the U.S. user base”.
According to the statement, the acquisition will have no significant impact on LedgerX’s operations, as the platform will continue to provide its current services to its existing customer base.
Innovative products and regulation
FTX. US pointed out that the union with Ledger will increase the ability to provide innovative products to users due to integrating technologies from both and their respective portfolios.
“We are excited to take this step and work with U.S. regulators to ensure compliance of cryptoassets businesses. We believe the industry must be proactive and participate in regulatory groups, such as the CFTC, to help shape the future”, Harrison stressed.
LedgerX CEO and co-founder Zach Dexter commented that U.S. cryptoassets derivatives are an “incredibly underserved” market. According to him, regulating LedgerX under existing structures was a long and resource-consuming process. “FTX.US felt that regulators are ready and willing to partner on innovative products, and it is the responsibility of the industry as a whole to step up and work with agencies like the CFTC”, he added.
