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FTX Token Hits All-Time High After Partnering With LedgerX

FTX Token Hits All-Time High After Partnering With LedgerX
  • FTX US announced their recent partnership with LedgerX.
  • This acquisition brought an all-time high price which reached more than 40%.
  • The collaboration will help FTX offer regulated futures and options trading to the US.

FTX has had a rather busy year. For the last couple of months, FTX acquired new partnerships, publicity-generating moves, and purchasing naming rights. In addition, FTX also became the official crypto exchange sponsor of Major League Baseball.

More so, last August 31, FTX announced that they also acquired LedgerX.

To note, LedgerX is an exchange for digital currency futures and options. It is a US Commodity Futures Trading Commission regulated DCM (design contract market). Also, it is a DCO (derivatives clearing organization) and a SEF (swap execution facility).

This partnership already brought drastic changes to FTX. In a report from CoinMarketCap, FTX FTT surged to more than 40%, reaching an all-time high of $66.33. However, at the time of writing, this already changed and showed another increase for FTX. As per record, it’s now at $67, more or less.

(Screenshots from CoinMarketCap)

According to reports, FTX FTT has a total market cap of $6.19 billion. This makes FTT the second-largest exchange token next to Binance’s BNB.

Furthermore, FTX didn’t reveal how much they acquired LedgerX. However, it is reported that the deal will help FTX offer regulated futures and options trading to the US.

Brett Harrison, the president of FTX US stressed that,

“This acquisition marks a significant milestone for [FTX’s] rapidly growing US business and is a key part of our strategy to bring regulated crypto derivatives to our US user base,”

FTX is proving that it already has a hand on the pulse of the crypto community. Future plans of FTX are aligned with this as well. People are anticipating what FTX will do next.

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Cho Amisola is a passionate writer for both creative writing and digital publishing. She’s been featured and published in both areas and is now focusing on blockchain news.