FTX US (West Realm Shire Services Inc.), a digital asset marketplace affiliated with fast-growing crypto exchange FTX Trading, says it has finalized its acquisition of Ledger Holdings Inc., the parent company of LedgerX LLC.
The FTX said it has also rebranded LedgerX to FTX US Derivatives.
The deal was announced this past August and was described at that time as a significant milestone for their rapidly growing US business and is a key part of their strategy to bring regulated crypto derivatives to their US user base.
Brett Harrison, President of FTX US, stated:
“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. 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.”
Once the acquisition is finalized, FTX US will gain a CFTC [Commodity Futures Trading Commission] regulated Designated Contract Market (DCM), Swap Execution Facility (SEF), and Derivatives Clearing Organization (DCO). FTX says these will be available to both retail and institutional investors 24×7 and offer block trading and algorithmic trading opportunities for institutional investors. The acquisition will have no material impact on LedgerX’s operations as it will continue to provide its current offerings to its existing customer base.
Zach Dexter, CEO of FTX US Derivatives, explained that as the regulatory environment in the crypto ecosystem continues to evolve, they look forward to acting as a resource and an example of how the protections afforded by proper regulatory oversight and licensing can boost consumer confidence and facilitate safe and reliable exchange platforms.
“The most important facet of this acquisition of LedgerX is that it allows us to do that. FTX US Derivatives will continue to strive to be a part of the regulation conversation and ensure that the operational standards required by the CFTC are maintained.”
FTX Trading, based in the Bahamas, recently raised $420 million at a huge $25 billion valuation.