- First launched in 2019 as a derivatives exchange, FTX has since branched out.
- The cryptocurrency exchange completed the acquisition of Ledger Holding in 2021.
FTX CEO Sam Bankman-Fried insists his focus remains on LedgerX (now renamed FTX US Derivatives). In October 2021, the cryptocurrency exchange completed the purchase of Ledger Holding, the parent company of CFTCLedgerX licensed cryptocurrency trading platform. The acquisition provided the company with a mechanism to offer Bitcoin and Ethereum derivatives to clients in the United States.
The CEO stated:
“I still think that was one of the most important things that we did, that it was very loud, and it probably remains the one thing that I pay the most attention to right now. I think it’s very important for the future of the ecosystem, and for our company, that we can provide the same The level of liquidity and market access to the US as people had internationally.”
potential derivatives market
A derivative is a future contract that specifies the purchase or sale of an underlying asset at a predetermined price. While the US Securities and Exchange Commission (SEC) is still trying to figure out whether crypto assets are securities, the Commodity Futures Trading Commission (CFTC) has enabled a number of organizations, both crypto industry veterans and newcomers, to provide derivatives Crypto for investors.
Bankman-Fried described the acquisition as “one of the most exciting announcements we have ever received” when it was revealed in August. First launched in 2019 as a derivatives exchange, FTX has since branched out to offer NFTs, credit/debit cards, payment processing, and OTC. Similar to the exchange competitor Binance, FTX It created a second entity, FTX US, to serve customers in the United States.
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