Business looks good for FTX.US as its presence and reach have been extended in the cryptocurrency market. This is coming at the company’s acquisition of LedgerX, a crypto derivatives exchange. FTX.US which is the United States associate of FTX purchased LedgerX for an undisclosed amount. The acquisition is poised at enabling the crypto exchange venture into the trade of Bitcoin and Ether assets on the market. This deal is the company’s pioneer acquisition which would launch it deeper into crypto-related operations and activities. The acquisition is set to be completed in October with implementation coming afterward.
Presently, the financial value and terms of the deal have not been revealed, but the purchase is viewed as a strategic event bound to change the fortunes of FTX.US for good. This is due to the monetary value of the asset which they just purchased. The platform is said to be a productive venture with about $35 million in total funding currently. This is indeed a good thing for a firm to own a crypto-related asset with such promise. Despite their controversial history, LedgerX continues to maintain a level of partnership and this contributes to the many reasons why their purchase is most beneficial.to FTX.US.
LedgerX as a cryptocurrency platform is regulated and strictly complies with guidelines from the CFTC and the Derivatives Clearing Organization. This platform offers the exchange of digital futures and options while providing security of assets. It also allows investors, both retail traders, and institutions, to trade crypto futures with physical settlements of contracts. Most investors find this feature a flexible one and that explains the number of users on LedgerX. However, with the takeover in view, businesses on the platform would still go as usual as the purchase would not affect the services open to the current users.
This implies that buying and selling would continue on LedgerX even as their ownership changes hands so investors have no cause for concern or worry. For FTX.US, the takeover would provide the exchange an opportunity to include options and futures contracts on blockchains with a wider reach such as Bitcoin and Ether. This, in turn, would expand its market value, trading volume, and level of reach. It would also result in a significant expansion of their trading services as they are poised to offer more for their customers’ benefit.
FTX and its US affiliate, FTX.US are both experiencing success in terms of patronage and market opportunities as the former recently conducted a private fundraiser. This fundraiser which was held in July saw the actualization of about $900 million, and it is the biggest event of its kind in the history of cryptocurrency. The purchase of LedgerX is found to give FTX.US an added advantage in the coming years. Its partnership with a derivative exchange would grant the firm easy access into the derivative market which would, in turn, lead to the expansion of crypto markets generally and make them more profitable.
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