FTX.US, the U.S. affiliate of crypto exchange FTX, has acquired crypto derivatives exchange LedgerX for an undisclosed sum.
The deal is expected to close sometime in October, FTX.US president Brett Harrison told The Block. While the deal’s financial terms have not been disclosed, LedgerX is a profitable entity and has raised around $35 million in total funding to date, said Harrison.
Launched in 2017, LedgerX has had a controversial history. In 2019, the exchange’s co-founders Paul and Juthica Chou were placed on administrative leave after a tussle with the U.S. Commodity Futures Trading Commission (CFTC). LedgerX, at the time, announced that it had launched a derivatives product and later had to retract its statement because the CFTC said it did not provide an amended derivatives clearing organization (DCO) license to the firm for the product. LedgerX later changed its management team and today has a DCO license, a designated contract market (DCM) license, and a swap execution facil
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