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Adoption

FTT price soared to a new all-time high after FTX exchange added LedgerX to its ever-expanding list of acquisitions and partnerships.

Real-world adoption and brand awareness are one of the best ways for a blockchain project to increase its value and attract new users to users to its ecosystem.

One project that has seen massive growth throughout 2021 thanks to its increasing public exposure and exciting protocol launches and partnerships is FTX, a crypto-derivatives trading platform founded by Sam Bankman-Fried and Gary Wang.

Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low near $50 on Aug. 31, the price of FTT catapulted 42% higher to a new all-time high at $66.50 on Sep. 1 as its 24-hour trading volume increased by 200% to $1.675 billion.

*FTT/USDT 4-hour chart. Source:* *TradingView*

The sudden burst in momentum came following the Aug. 31 announcement that FTX US, the United States-based arm of the exchange, would be acquiring LedgerX, a fully licensed, U.S.-based options and futures trading platform.

We are excited to announce that FTX US is acquiring LedgerX!

We look forward to partnering with the @LedgerX team to offer CFTC-regulated crypto derivatives to the US market. pic.twitter.com/6VgH4psaL5
— FTX - Built By Traders, For Traders (@FTX_Official) August 31, 2021

Through this acquisition, the company will now be able to offer regulated crypto futures and options trading to the US market.

FTX has had a busy year of partnerships and publicity generating moves such as purchasing the naming rights for several stadiums and becoming the official crypto exchange sponsor of Major League Baseball, but many feel that this is the biggest development to date for the platform because it gives FTX US a unique product in the US marketplace.

And just to show that it also has an ear on the pulse of the cryptocurrency community, FTX also recently announced plans to list the up and coming Star Atlas gaming metaverse and NFT ecosystems, a highly anticipated project that looks to capture the surging momentum of the NFT and gaming sectors.

That's one small step for a man, one giant #listing for mankind. - @staratlas pic.twitter.com/MCY72eWNsN
— FTX - Built By Traders, For Traders (@FTX_Official) August 31, 2021

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Digital Currency Firm FTX Acquires Crypto Derivatives Platform Ledgerx

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FTX.US acquires Bitcoin derivatives platform LedgerX

August 31, 2021 Coin Telegraph

Coin Telegraph

FTX.US acquires LedgerX for an undisclosed amount to dive into Bitcoin and Ether futures trading.

FTX.US, the United States-based affiliate of Sam Bankman-Fried’s cryptocurrency exchange FTX, is acquiring crypto derivatives platform LedgerX for an undisclosed amount.

FTX.US’ owner West Realm Shire Services announced on Aug. 31 that the company had executed a sale and purchase agreement to acquire LedgerX’s parent company Ledger Holdings. The deal is expected to close, pending satisfaction of customary closing conditions, the firm noted.

LedgerX is a digital currency futures and options exchange regulated under the Commodity Futures Trading Commission (CFTC), Swap Execution Facility (SEF), and Derivatives Clearing Organization (DCO). The platform is available for retail and institutional investors, allowing them to trade cryptocurrency futures with the physical settlement of all contracts.

According to the announcement, the acquisition will have no material impact on LedgerX's operations as the platform will continue to provide its current services to its existing customer base. The deal will reportedly provide FTX.US with the ability to offer options and futures contracts on Bitcoin (BTC) and Ether (ETH) to institutional and retail investors, significantly expanding its spot trading services.

“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,” FTX.US President Brett Harrison said. He also noted that it’s crucial for the industry to strive for relationships with regulators like the CFTC.

The news comes after FTX.US’ affiliate global crypto exchange FTX posted the largest private fundraiser in the crypto history, raising $900 million in July. The company’s CEO Bankman-Fried said in a Monday Forbes interview that the crypto derivatives market is a “somewhat misunderstood area” so far, but it has the potential to significantly expand wider crypto markets by adding liquidity and making them more efficient in general.

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LedgerX

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