FTX US completes acquisition and rebrand of LedgerX

Following the acquisition, LedgerX has been rebranded to FTX US Derivatives but will continue to provide its current offering to its existing customer base.

US-regulated cryptocurrency exchange FTX US has finalised its acquisition of Ledger Holdings, parent company of LedgerX.

The deal was first announced in August this year for an undisclosed sum.

Following the successful acquisition, FTX US has disclosed that it has rebranded LedgerX to FTX US Derivatives.

“The completion of this acquisition is just the first step of many to provide the FTX US user base with access to the best products on the market. It should also be seen as a pivotal moment for FTX US as we continue to execute on our strategy to bring regulated crypto derivatives to our US user base,” said Breet Harrison, president of FTX US.

“We believe the integration of the two organisations 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.”

Now that FTX US has completed the sale and purchase agreement for the acquisition of LedgerX, it will gain several operational designations including a CFTC regulated Designated Contract Market (DCM), Derivatives Clearing Organisation (DCO), and Swap Execution Facility (SEF), which will be available to retail and institutional investors 24/7.

In addition, institutional investors will be offered block trading and algorithmic trading opportunities.

According to FTX US, the acquisition will have no material impact on LedgerX’s operations as it will continue to provide its current offerings to its existing customer base.

“As the regulatory environment in the crypto ecosystem continues to evolve, we look forward to acting as a resource and an example of how the protections afforded by proper regulatory oversight and licensing can boost consumer confidence and facilitate safe and reliable exchange platforms,” said Zach Dexter, chief executive of FTX US Derivatives.

“The most important facet of this acquisition of LedgerX is that it allows us to do that. FTX US Derivatives will continue to strive to be a part of the regulation conversation and ensure that the operational standards required by the CFTC are maintained.”

FTX Trading, affiliate of FTX US, recently raised $420 million in a Series B-1 funding round. The funding round will allow FTX to expand into new jurisdictions and improve upon its current offerings.

In addition, the funding round, which included approximately 70 investors, saw FTX Trading’s valuation climb to $25 billion.