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SOFTWARE (NON-INTERNET/MOBILE) | Asset & Financial Management & Trading Software
ledgerx.com

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Founded Year

2014

Stage

Acquired | Acquired

Total Raised

$33.88M

About LedgerX

LedgerX, a subsidiary of NYBX, is an institutional trading and clearing platform that has received approval from the U.S. Commodity Futures Trading Commission (CFTC) to trade and clear swaps and options on digital currencies. LedgerX is registered with the CFTC as a swap execution facility (SEF) and derivatives clearing organization (DCO).On August 31st, 2021, LedgerX was acquired by FTX.US. Terms of the transaction were not disclosed.

LedgerX Headquarter Location

152 Madison Ave. 21st Floor

New York, New York, 10016,

United States

Latest LedgerX News

Coinbase Buys Futures Exchange in Crypto Derivatives Push

Jan 12, 2022

3:01 AM IST, 12 Jan 2022 2:30 AM IST, 12 Jan 2022 3:01 AM IST, 12 Jan 2022 Save (Bloomberg) -- Coinbase Global Inc. is acquiring futures exchange FairX in its biggest step yet toward expanding into crypto derivatives. (Bloomberg) -- Coinbase Global Inc. is acquiring futures exchange FairX in its biggest step yet toward expanding into crypto derivatives. Already registered with U.S. regulators, the firm could give Coinbase the edge it needs in getting a derivatives marketplace up and running. Terms of the deal were not provided. “This is the most important stepping stone for us to help a derivatives market come to form,” Brett Tejpaul, head of Coinbase Institutional, said in an interview. “We think the U.S.-listed derivative market presents a very substantial commercial opportunity.”  Cryptocurrency futures and options -- which let investors hedge their bets by agreeing to buy or sell coins on a certain day at a certain price -- have long been a glaring hole in Coinbase’s product portfolio. The bulk of Coinbase’s revenues come from spot trading fees in coins like Bitcoin and declines during bear markets can create an urgent need for diversification. Plus, volumes in the derivatives market outshine that of the spot market, reaching $2.9 trillion in December, according to CryptoCompare. The acquisition is expected to close in the first quarter. Exchanges outside of the U.S. such as Binance and OKEx have the lion’s share of the derivatives market -- sometimes offering traders up to 100 times leverage. But some U.S.-based companies including CME Group Inc. and Kraken also provide them. Many U.S. exchanges have stayed away from the fast-growing market due to regulatory uncertainty. But more are starting to expand into derivatives. FTX.US, one of Coinbase’s U.S. competitors, similarly used an acquisition of LedgerX LLC’s parent company to gain a foothold last year. Coinbase has been laying the groundwork to expand into derivatives for months. Back in September, it filed an application with the National Futures Association to register as a futures commission merchant -- a process it’s continuing. Earlier last year, it also bought Skew, which tracks derivatives. Now FairX, based in Chicago, offers Coinbase a way to expedite the process. It’s already regulated by the Commodity Futures Trading Commission. It offers margin trading, which is key to attracting investors. And it provides its products through established brokers like TD Ameritrade and E*Trade Financial. Coinbase likely hopes that some of these companies will eventually offer its crypto derivatives, although it doesn’t have formal agreements with them. “We want to work with regulators to make sure everything is in position to launch as early as we can,” Tejpaul said. Previous FairX financing rounds were led by Hyde Park Venture Partners with participation from Battery Ventures, Limerick Hill LLC, TD Ameritrade, Virtu Financial Inc. and XTX Ventures. About 30 staffers who worked at FairX will join Coinbase. ©2022 Bloomberg L.P.

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Research containing LedgerX

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CB Insights Intelligence Analysts have mentioned LedgerX in 1 CB Insights research brief, most recently on Jul 17, 2019.

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Jul 17, 2019 report

Blockchain Trends In Review

Expert Collections containing LedgerX

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

LedgerX is included in 3 Expert Collections, including Blockchain.

B

Blockchain

3,630 items

Companies and startups in this collection leverage blockchain technology for crypto investing and trading, decentralized finance (DeFi), NFTs, and more.

C

Capital Markets Tech

802 items

Companies in the capital markets tech space are providing software and/or services for investment banks, hedge funds, investment managers, and so forth. Companies included use technology across the front, middle, and back-offices and streamline all pre- and post-trade operations.

F

Fintech

7,256 items

US-based companies

LedgerX Web Traffic

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