FTX’s FTT Token Hits All-Time High Following LedgerX Acquisition

With the acquisition of cryptocurrency derivative platform LedgerX by FTX.US, FTT (FTX Exchange) hit a new high on Tuesday.
According to Messari data, the FTT reached $ 66.08 after the market opened in the United States on Wednesday. With a market capitalization of $ 6.19 billion, the FTT is the second largest centralized exchange token after Binance’s BNB.
The pending acquisition of LedgerX will allow FTX.US to offer calls to crypto futures, exchanges, pits and retailers. This is the latest sign of the growing ambitions of Sambank Manfried’s crypto empire in Hong Kong. “We’re probably gaining momentum as we’re making quite a few strategic acquisitions right now,” FTX institutional investor and head of free sales, Jonathan Cheeseman, told Coindesk.
Read more: FTX.US buys LedgerX, which is offered for US cryptocurrency derivatives.

LedgerX has several major licenses that allow it to offer Bitcoin and ether derivatives in the United States, making it easier and faster for FTX to enter the US market with such products. Founded in 2017, FTX is known worldwide for its cryptographic derivatives.
Analysts previously told CoinDesk that FTX’s acquisition of Blockfolio from FTX in May 2020 made it “very retail-friendly.” Called “FTX” in July, Blockfolio is a portfolio tracking application that primarily serves a small client base.
Cheesman also said that FTX has benefited from growing concerns about its competitors. Cheesman said that one of the exchanges was “in the limelight” due to regulatory concerns, without mentioning any particular exchange. (We call it for him: Binance).

Meanwhile, Chinese crypto exchanges, including Huobi and OKEx, are tightening their derivative rules in China’s new efforts to curb crypto trading.
Everything shows why FTT is increasing. Traders see these signs as a way to bet on stock market growth.
“We each made a little profit,” Cheeseman said.