FTX Token Hits All-Time High After Partnering With LedgerX

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 42%, reaching an all-time high of above $68. However, at the time of writing, this already changed and showed another increase for FTX. As per record, it’s now at $68, more or less.

FTX Token to USD Chart
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.