FTX US Will Start Offering Crypto Derivatives And NFT Services

FTX US will start offering crypto derivatives and NFT services to its customers as it is looking to expand the product offerings and include other products as well as let’s find out more in today’s crypto latest news.

FTX US will start offering new products to its customers such as crypto derivatives and non-fungible token services on the platform. According to Brett Harrison, the FTX US president, the exchange is building a self-hosted wallet that will support FTX NFTs and NFT gaming. The exchange is also looking to offer tokenized stock trading for US customers. The idea to offer these crypto derivatives to US customers was in the works for months. Back in October, the exchange made some steps into expanding the services including derivatives by acquiring Ledger Holdings which is the parent company of LedgerX. After the acquisition, the exchange rebranded to FTX US Derivatives.

– 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

Shortly after the deal was finalized, the exchange obtained three licenses such as the CFTC regulated Designated Contract Market, Derivatives Clearing Organization, and Swap Execution FAcility to enable it to offer derivatives services to the crypto users in the US. FTX.com as the parent company announced that its US branch became a member of the International Swaps and Derivatives Association, as Sam Bankman fried noted:

“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.”

The ISDA is a private trade organization that improves the trading of swaps, derivatives, and more and also identifies the risks for users of these products. In the meantime, FTX.com is looking to expand its product offering with regulatory compliance. Last week, Bankman-Fried outlined the much-needed steps to drive the crypto space forward in 2022and stated that the main issue is the slowing down of the industry’s growth is mainly due to regulation.

As recently reported, FTX US as the United States branch of the crypto exchange accumulated more than one million users in one year. The US-based department of the digital asset exchange FTX doubled its user count in the past three months for 2021. This result came as the global crypto adoption increased while the company made a lot of impressive partnerships. The FTX US President Brett Harrison took it to Twitter to outline the huge growth in 2021 indicating that the US-regulated affiliate of FTX has a lot more than doubled its users count in Q4.