FTX US looking for strategic acquisitions after ‘notable growth’ in users

FTX US President Brett Harrison said the speech is looking for strategical acquisition opportunities aft seeing “notable growth” successful users.

Harrison made the revelation astatine the World Economic Forum 2022 successful Davos portion discussing the exchange’s show successful 2021. Although the firm’s gross numbers are not yet public, Harrison said FTX US saw “notable year-over-year maturation successful presumption of idiosyncratic accounts.

He attributed this maturation to the exchange’s expanding selling efforts and an improved retail idiosyncratic experience. Other developments see launching a non-fungible token (NFT) marketplace and rolling out a banal trading interface.

Harrison said FTX US — valued astatine $8 cardinal — is unsure astir disclosing plans for further fundraising successful 2022. However, helium added that the institution is successful a bully presumption successful presumption of superior and cash.

He further noted that the speech aims to usage these resources to fortify its existing business, adequately money its clearinghouse for its derivatives endeavors, and look astir the marketplace for imaginable merger and acquisition opportunities.

Regarding mergers and acquisitions, Harrison said FTX U.S. is targeting aggregate sectors. Specifically, the steadfast is sportfishing for deals that volition assistance grow its idiosyncratic basal oregon triumph regulatory licensing.

FTX U.S. is readying to connection BTC and ETH futures

Moreover, the institution acquired LedgerX, which has the CFTC licenses required to tally a futures speech and clearinghouse successful the U.S. Harrison added that FTX U.S. has already applied to connection Bitcoin (BTC) and Ethereum (ETH) futures to U.S customers.

According to him, the support of this exertion would importantly boost the exchange’s imaginable profits. Explaining wherefore FTX U.S. believes it tin marque a quality successful the futures market, Harrison said FTX U.S plans to connection the archetypal real-time 24/7 borderline for futures. He further noted that talks with the CFTC person been affirmative frankincense far.

Praising the CFTC, Harrison said the regulator understands each the nuances of crypto trading. Moreover, Harrison said the watchdog understands each the innovations crypto players are trying to bring into the market.