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As the regulatory landscape evolves, the FTX.US is trying to into offering crypto services for institutional players in the market.
Crypto exchange FTX’s US affiliate FTX.US is now willing to offer crypto derivatives trading to its customers. The announcement comes just at a time when other financial giants are also making the move. As the regulatory landscape in the US evolves, more players are joining the crypto bandwagon. Thus, even FTX sees a huge opportunity catering to crypto derivatives offering to institutional players.
The disclosure of the crypto derivatives plan was made by FTX.US President Brett Harrison during his recent interview with Business Insider. He said that that there are two ways to achieve this goal. The first option is launching its own service and moving ahead with the regulatory process. The second is by acquiring a company. Speaking to the publication, Harrison said:
“We definitely hope to be able to offer them inside of a year. Quite frankly, we could have or should have started a long time ago, but we’re definitely interested in going through the process and collaborating with the [Commodity Futures Trading Commission] to be able to offer those products in the U.S.” The CFTC regulates derivatives.
Back in June 2021 FTX launched two perpetual futures products through VanEck subsidiaries. With the recent move, FTX will be competing with a lot of financial giants willing to enter the space.
Recently, SEC chairman Gary Gensler suggested a possibility for Bitcoin ETF rules. He said that Bitcoin ETFs that track Bitcoin futures offered by CME Group and following strict mutual fund rules can get a green signal from the regulator.
FTX Looking to Expand Services Aggressively
The FTX exchange has recently secured a massive $900 million funding, one of the largest in the history of the crypto market. Since then CEO Sam Bankman-Fried has been working on strategic expansion of the exchange.
FTX is looking to expand its footprint in the global space while offering multiple services. Over the last year, FTX has also made major acquisitions one of the important ones being the Blockfolio Trading App.
Furthermore, FTX is also diving into the newly emerging markets in the crypto space. The exchange has announced its participation in the NFT Sports and Entertainment Market. By joining hands with Dolphin Entertainment FTX will create its won NFT marketplace. The marketplace will emphasize brands within different industries spanning films, television, culinary, lifestyle, eSports, music, gaming, and charity.
In a move to expand its presence among top global investors, FTX also partnered with Shark Tanks Kevin O’Leary.