FTX Crypto Exchange Finalizes LedgerX Acquisition
The unit will now operate as FTX US Derivatives.
:format(jpg)/downloads.coindesk.com/arc/failsafe/placeholders/16x9.png)
The ink has dried on an acquisition announced by FTX.US in August, revealing a multipronged approach by the American arm of Sam Bankman-Fried’s trading empire.
Regulated futures exchange LedgerX will now be known as FTX US Derivatives, FTX.US said Monday. The deal’s close follows the launch of a non-fungible token (NFT) marketplace earlier this month. The U.S. exchange’s parent company announced last week a meme-friendly raise of $420 million from 69 investors.
Some of the fresh capital (the exchange also announced a $900 million funding round in July) is set aside for bringing more firms under the FTX umbrella.
“We’ve probably done a half a billion dollars of acquisitions so far this year,” Bankman-Fried told CoinDesk last week. The financial terms of the LedgerX buy were not disclosed.
The deal gives FTX.US a slew of licenses granted to LedgerX by the U.S. Commodity Futures Trading Commission. As such, the exchange can move to offer crypto futures, swaps and options to U.S. retail traders.
“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,” FTX.US President Brett Harrison said in a statement.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.