The US branch of the fast-growing crypto exchange FTX.com has it bitcoin (BTC) on ethereum (ETH) derivatenplatform LedgerX taken over. This gives FTX.US the opportunity to significantly expand its services in the United States.
Laws and regulations regarding crypto are a problem worldwide for companies that are active in this sector. Different and often stricter rules apply in the US. That is why several international exchanges have a separate trading platform aimed at the American market. This includes FTX, which serves the US market with FTX.US. These branches are often less extensive and, for example, do not have derivatives products.
A press release reveals that the exchange has acquired LedgerX. LedgerX is a Commodity Futures Trading Commission (CFTC) approved exchange that offers derivatives to both retail and institutional investors. With the acquisition, FTX.US can now offer regulated derivatives. Previously, FTX only had a spot exchange in the US.
FTX.US President Brett Harrison says of the new addition:
“This acquisition marks an important milestone for our fast-growing US business and is an important part of our strategy to bring regulated crypto derivatives to our US users. We believe that integrating our technology capabilities, product portfolio and large balance sheet with LedgerX will enhance our ability to offer innovative products to all U.S. cryptocurrency traders.”
FTX Token to New Record
The FTX Token (FTT) reacted very positively to the news. Not long after the news was announced, FTT shot up more than 50% in value. The altcoin even put a all-time high (ATH) down from $70. Since January 1 this year, FTT has been almost 1,000% in the green, which underlines the rapid growth of the exchange this year.
Globally, FTX is busy strengthening its position within the crypto market. At the end of August, the exchange Liquid Global came to the rescue. That exchange suffered a major hack that left many users on the verge of losing a lot of money. FTX lent a helping hand.
The Dutch will also notice the aggressive strategy of FTX. The company previously acquired the highly popular portfolio tracker app Blockfolio. In July it changed the name from the app to FTX and the logo was also adapted.
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