An acquisition deal has been entered into between a subsidiary of crypto firm FTX namely West Realm Shire Services and another CFTC registered crypto futures trading company called “Ledgerx” in which FTX’s subsidiary is going to overtake Ledgerx.
One of the fastest-growing crypto trading platforms of the world these days is the crypto derivative, FTX. It has been expanding its business continuously within and outside its original jurisdiction either directly or through its subsidiary companies. Subsequently, with the expansion, FTX has also grown interested in acquiring further crypto platforms, particularly those with smart features and protocols.
FTX owns a subsidiary called “West Realm Shire Services (WRSS). Both FTX and WRSS are companies that are registered and incorporated in Antigua and Barbuda. Currently, both are also headquartered in the same location i.e. The Bahamas. FTX has developed country-wise dedicated main branches in several countries. One of its major country-wise branches are located in the US where it uses the name as “FTX.US”. FTX.US has its own independent set up which is headed by its President. FTX.US’s business in the US market is booming and has been growing exponentially as well.
An announcement has been made from the platform of WRSS, on 31st August 2021. WRSS informed in the announcement that it has entered into an acquisition and takeover deal with another crypto firm called Ledgerx. Under the agreement, now Ledgerx has been 100% overtaken by WRSS and the 100% ownership rights have been transferred to FTX.
The firm being undertaken is also in the business of rendering crypto trade and exchange services. However, Ledgerx was more interested in swap contracts as well as crypto options. From its inception till the day it was acquired, Ledgerx has successfully transacted swap contracts and crypto options exceeding 10 million in numbers. This means that the acquisition is worth the money for FTX. Meanwhile, Ledgerx was credited for introducing mini contracts for Bitcoin which allowed the traders to engage in granular trading as well.
The announcement notes that the physical taking over of Ledgerx is still to take place, however, the deal has been executed. The announcement did not however mention the details of the terms and conditions of the acquisition agreement. Neither it disclosed the amount involved nor did it provide for any specific arrangements agreed between the parties. Instead, FTX through WRSS is claiming that another prominent milestone has been achieved.
Brett Harrison, who is the FTX.US’s President said that his company wants to keep adding to its product line as well as in the balance sheet. With the acquisition of Ledgerx further products will be introduced which will be entirely based on innovation and technology. He further said that they are looking forward to working with the regulators in the US and make a difference amongst its competitors.