FTX.US, one of the leading US-regulated crypto exchanges, has acquired LedgerX, an affiliate of Ledger Holdings Inc. Among other services, FTX.US particularly hopes to begin offering crypto derivatives to institutional and retail clients in the US.
What is FTX.US?
FTX.US is the US affiliate of one of the leading cryptocurrency exchanges globally, FTX. The exchange sets itself apart by being fully regulated by the US SEC, and now, CTFC. For this reason, the exchange can comfortably offer its services to US citizens. US traders are some of the most significant volume contributors to many cryptocurrency exchanges.
A Word from the CEOs
Following the acquisition, Brett Harrison, the President of FTX.US, said the action was a significant milestone for them. Because of the increasing crypto-adoption, their US business is rapidly expanding and hence the acquisition. He also emphasized that the crypto industry should be proactive in working out positive relationships with regulatory bodies.
Along with that, Zach Dexter, the CEO of LedgerX, said that the US crypto-derivatives is an “incredibly underserved market.” Because of this, he believes that the resulting entity has emerged at an excellent time to serve the needs of both institutional and retail traders.
What is LedgerX, and Why is it a Big Deal?
LedgerX is a US-based digital exchange that is fully CTFC compliant. The exchange was founded in 2014 and had been operating in the US since then. Following this acquisition, it is only expected to see West Realm Shire Services Inc trade volumes skyrocket in the coming months and years.
LedgerX is a big deal because some of the earliest Venture Capitals (VCs) to invest in the company are big names in the industry. They include Google and LightSpeed. Currently, the management team consists of alumni from MIT, Goldman Sachs, and CTFC.
What is Next for FTX.US?
Evidently, FTX.US has made great strides to be in the good graces of US laws. In contrast, BINANCE.US, the US branch of the leading crypto exchange globally, is presently struggling to stave off the Securities and Exchanges Commission’s (SEC) investigations.
Where BINANCE.US is failing, FTX.US is thriving. On the other hand, Coinbase, a leading US crypto exchange, also faces brute competition from FTX.US. Indeed, the fight is on, and it looks like FTX.US has the upper hand – for now. Cheers!