West Realm Shire Services Inc (FTX US), a US-regulated cryptocurrency exchange, has finalised its acquisition of Ledger Holdings Inc, parent company of LedgerX LLC (LedgerX).
The Company also disclosed that it has rebranded LedgerX to FTX US Derivatives.
Brett Harrison, President of FTX US, says: “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. 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.”
With the finalisation of the sale and purchase agreement for this acquisition, FTX US will gain a CFTC regulated Designated Contract Market (DCM), Swap Execution Facility (SEF), and Derivatives Clearing Organization (DCO). These will be available to both retail and institutional investors 24×7 and offer block trading and algorithmic trading opportunities for institutional investors. 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.
Zach Dexter, CEO of FTX US Derivatives, adds: “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. 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.”