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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.