FTX US, the United States division of global cryptocurrency exchange, FTX.com, revealed today that its customers will soon be able to access crypto derivatives and non-fungible token (NFT) services on the platform.
According to Brett Harrison, the president of FTX US, the exchange is building a self-hosted wallet that will support FTX NFTs and NFT gaming.
The crypto exchange is also looking to offer tokenized stock trading to US customers.
– derivatives for US customers
– stocks on FTX US
– self-hosted wallet support for FTX NFTs https://t.co/RveUDajexh— Brett Harrison (@Brett_FTXUS) December 28, 2021
FTX US Prepares to Offer Derivatives
The idea to offer crypto derivatives to US customers has been in the works for months.
In October, FTX US made initial steps to expand its services to include derivatives by acquiring Ledger Holdings, the parent company of LedgerX, a regulated crypto derivative platform.
Following the acquisition, the crypto exchange rebranded LedgerX to FTX US Derivatives.
FTX US Obtains Derivatives Licenses
Shortly after the deal was finalized, the exchange obtained three licenses. These included a CFTC regulated Designated Contract Market (DCM), Swap Execution Facility (SEF), and Derivatives Clearing Organization (DCO) to enable it to offer derivatives services to crypto users in the United States.
Earlier this month, FTX.com, the parent company of FTX US, announced that its American division had become a member of the International Swaps and Derivatives Association (ISDA).
“We’re excited to announce that FTX US is now a member of @ISDA. We are looking forward to working alongside ISDA and their CEO @ScottOMalia as we continue to build up crypto derivatives markets in the United States and globally,” FTX CEO, Sam Bankman-Fried (SBF) said.
ISDA is a private trade organization that helps to improve the trading of swaps and derivatives, identify and reduce risks for users of derivatives products.
FTX CEO: Regulation is Slowing Crypto’s Growth
Meanwhile, FTX.com is also looking to expand its product offerings with regulatory compliance.
Last week, Bankman-Fried outlined the necessary steps to drive the crypto space forward in 2022, stating that the main issue that is slowing down the industry’s growth is regulation.