September 26, 2022
"US Cryptocurrency Derivatives Are My Focus Right Now," Says FTX CEO

“US Cryptocurrency Derivatives Are My Focus Right Now,” Says FTX CEO

In the same year he spent Hundreds of millions Helps from companies Cryptocurrencies The problem was that his face was plastered on posters, the CEO FTX, Sam Bankman-RoastLedgerX — now rebranded as FTX US Derivatives — is still focusing its attention.

The Crypto exchange Commodity Futures has finalized its acquisition of Ledger Holdings, the parent company of LedgerX, which is registered with the Trading Commission. America (CFTC), in October 2021 for an undisclosed amount.

In this negotiation, the company acquired a platform from which derivatives could be made available Bitcoin (BTC) And Ether (ETH) to its US customers.

“I still think it’s one of the most important things we’ve done, and it’s been very positive, and it’s one thing I’m still very focused on,” Bankman-Fried said in a recent episode. Podcast “GM” of Encryption.

“I think it’s very important for the future of the ecosystem and for our company to be able to bring the same level of liquidity and market access to the United States that people have internationally.”

One derivative A forward contract to buy or sell an asset based on future prices.

The US Securities and Exchange Commission (SEC) has continued to struggle over the classification of which cryptocurrencies are securities, with the CFTC allowing several companies — big names in the crypto industry and traditional finance alike — to offer crypto derivatives to traders.

After the deal was announced in August 2021, Bankman-Fried Tweeted It was “one of the most exciting announcements we’ve ever made”.

When he spoke Encryption In December, FTX said it would focus even more on drive derivatives for its US clients. Even now, he says, “it’s still the biggest order from our customers in a long time.”

FTX progress in the US

FTX was founded in 2019 as a derivatives exchange, expanding its offerings to include non-fungible tokens (NFT), credit and debit cards, payment processing and over-the-counter (OTC) trading.

Just like your opponent FinanceFTX has a separate entity called FTX US to serve its US customers.

This means that in order to offer its product suite in the United States, the company must obtain the necessary licenses. FTX is not the only company applying for CFTC licenses through acquisitions.

In June, Coinbase was launched bitcoin nanofutures on your platform Coinbase Derivatives Exchange (formerly known as FairX, before it was acquired by Coinbase). This is a small step to offering derivatives directly from your own application.

Until Coinbase obtains its own approval for a license to operate as a futures trader, Coinbase BIT futures will be available on third-party platforms.

In 2021, the Crypto.comIn SingaporePaid $216 million to acquire North American Derivatives Exchange (NADEX) and Small Exchange from IG Group.

The idea was to give Crypto.com’s US customers access to derivatives products, but for now, the US is still geo-blocked. List of restrictions on derivatives trading From the company.

*Translated by Daniela Pereira do Nascimento with permission decrypt.co.

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