FTX.US Acquires LedgerX

BERKELEY, Calif., Aug. 31, 2021 /PRNewswire/ -- West Realm Shire Services Inc. ("FTX.US" or "the Company"), a leading US-regulated cryptocurrency exchange, today announced that it executed a sale and purchase agreement to acquire Ledger Holdings Inc., parent company of LedgerX LLC. ("LedgerX"), a Commodity Futures Trading Commission (CFTC) regulated digital currency futures & options exchange and clearinghouse. The acquisition is anticipated to close, pending satisfaction of customary closing conditions.

Brett Harrison, President of FTX.US, commented on the news, "This acquisition marks a significant milestone for our rapidly growing US business and is a key part of our strategy to bring regulated crypto derivatives to our US user base. We believe the integration of our technological capabilities, product portfolio and large balance sheet with LedgerX will enhance our ability to provide innovative products to all US cryptocurrency traders. We're excited to take this step and work with US regulators to ensure compliance with the existing derivatives licensing regime. We believe it is incumbent upon the industry to be proactive and to seek out working relationships with regulatory groups like the CFTC to help shape the future of our industry."

LedgerX is a CFTC regulated Designated Contract Market (DCM), Swap Execution Facility (SEF), and Derivatives Clearing Organization (DCO). LedgerX is available to both retail and institutional investors 24x7 and offers physical settlement of all contracts, block trading and algorithmic trading opportunities for institutional investors. Since its launch in 2017, LedgerX has cleared over 10 million crypto options and swap contracts and pioneered the bitcoin mini contracts that enable granular trading. This 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 and Co-Founder of LedgerX, added, "US crypto derivatives is an incredibly underserved market, and it took time and resources for us to become a regulated entity under the existing frameworks. FTX.US has taken the view, which we share, that US regulators are ready and willing to partner on innovative products, and it's the responsibility of the industry as a whole to step up and work with agencies like the CFTC."

The combined entity will leverage its resources to create products that meet the needs of both retail and institutional traders alike. Additionally, the Company will be devoting significant resources towards developing a strong working relationship with the US regulatory community, specifically with the CFTC. Through this acquisition, FTX.US hopes to further drive innovation that is compliant and meets the rigorous standards of the US financial services industry.

The financial terms of the deal have not been disclosed.

About FTX.US

FTX.US is a US-regulated cryptocurrency exchange, built from the ground up. Our mission is for FTX.US to grow the digital currency ecosystem, offer US traders a platform that inspires their loyalty, and become the market leading US cryptocurrency exchange by volume over the next two years.

To learn more about FTX.US, please visit: https://ftx.us/

Media Contact

Jay A. Morakis
M Group Strategic Communications (for FTX.US)
+1 646 859 5951
[email protected]

SOURCE FTX.US