FTX US, the US division of the global cryptocurrency exchange, FTX.com, today revealed 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 U.S. clients.
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 took the first steps to expand its services to include derivatives by acquiring Ledger Holdings, the parent company of LedgerX, a regulated crypto derivatives platform.
Following the acquisition, the crypto exchange rebranded LedgerX to FTX US Derivatives.
FTX US obtains derivative licenses
Shortly after the deal was finalized, the exchange was granted three licenses. These included a CFTC-regulated Designated Contract Market (DCM), a Swap Execution Facility (SEF), and a Derivatives Clearing Organization (DCO) to enable it to offer derivative services to crypto users. in the USA.
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 are delighted to announce that FTX US is now a member of @ISDA. We look forward to working alongside ISDA and its CEO @ScottOMalia as we continue to develop crypto derivatives markets in the US and globally, ”said FTX CEO Sam Bankman-Fried ( SBF).
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 Slows Crypto 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.
