FTX Crypto Exchange Finalizes LedgerX Acquisition
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.