FTX.US, the US subsidiary of major global crypto exchange FTX, has completed the acquisition of Ledger Holdings, the parent company of LedgerX, LLC, the company announced via a press release on Monday.
With the acquisition, the company has changed the name of LedgerX to FTX US Derivatives.
LedgerX is now FTX US Derivatives! 🙌https://t.co/x2bioJxSGq
— Zach Dexter (@zachdex) October 25, 2021
FTX previously announced in August that it has agreed to acquire LedgerX, which is the first US-approved crypto derivatives exchange. At the time, the company said the acquisition process was expected to end in October.
Acquisition details regarding purchase price have not been revealed. However, when concluding the series B-1 funding round last week, FTX CEO Sam Bankman-Fried noted that the company has made multiple acquisitions this year in excess of $500 million.
Unlike parent company FTX, FTX.US does not offer derivative trading. The acquisition of LedgerX will enable FTX to offer regulated futures, swaps, and options under CFTC.
LedgerX, now rebranded as FTX US Derivatives, is a New York-based cryptocurrency derivatives trading company that has been licensed by the CFTC to offer derivatives.
Zach Dexter, CEO of FTX US Derivatives, said:
“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.”