FTX.US to offer clients access to crypto-derivatives trading

The American subsidiary of the bitcoin exchange FTX plans to give clients access to trading cryptocurrency derivatives by the end of 2021. FTX.US president Brett Harrison told Decrypt.

Users of the international exchange can trade on the spot market as well as crypto derivatives. Derivatives trading accounts for a substantial portion of the company’s revenue — with its share in the bitcoin-futures market having nearly doubled from 9% to 16%.

Compared with the parent organisation, FTX.US offers clients a modest set of features for spot trading. Restrictions stem from stringent U.S. laws.

“There are a number of difficulties involved in launching such a business. The main one is securing approval and support from the CFTC, so it is difficult to estimate exact launch timelines,” Harrison explained.

According to the platform’s president, FTX.US has two routes to regulatory approval: file an application with the Commission for its own license, or acquire a company that already holds the requisite permission.

FTX launched its U.S. subsidiary in May 2020. In the early days, users could trade six crypto assets — Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Paxos Gold and Tether. The list has since expanded расширили.

In July, CEO Sam Bankman-Fried told CoinDesk that he sees enormous growth potential for FTX.US. He noted that much of this is due to the lack of a large number of strong competitors in the U.S. market.

In July, following the Series B funding round, FTX attracted a record $900 million for the industry. Investors valued the company at $18 billion.

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