US President of World’s Second Largest Bitcoin Exchange Says Company Aimed to Offer Crypto Derivatives Trading Within One Year | Currency News | Financial and business news

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FTX.US aims to offer crypto derivatives trading in less than a year, President Brett Harrison told Insider. It is a subsidiary of FTX, the second largest bitcoin exchange in the world, owned by billionaire Sam Bankman-Fried. Currently, FTX.US only offers cash transactions in accordance with strict US regulatory frameworks. Sign up here for our daily newsletter, 10 things before the opening bell /

FTX.US, a subsidiary of FTX – the world’s second largest bitcoin exchange – aims to deliver cryptocurrency derivatives trading in less than a year, Chairman Brett Harrison told Insider.

The Berkeley, Calif., Based company has a limited range of offerings compared to its international counterpart.

Where FTX offers both spot and derivative platforms – the latter accounting for a huge chunk of the company’s revenue – the US market primarily offers spot only under strict US regulatory frameworks. .

“We really hope to be able to deliver them within a year,” Harrison told Insider. “Frankly, we could or should have started a long time ago, but we’re definitely interested in going through the process and working with the CFTC to be able to bring these products to the United States. ”

Harrison said there are two possible avenues to achieve their goal: through a de novo – which is to apply for a license from scratch – or through acquiring a business. He said they were exploring both possibilities and declined to disclose more information about possible acquisitions.

“We have every intention of going in one form or another, so that we can eventually become a licensed derivatives exchange,” he told Insider. “The ability to trade crypto derivatives on an exchange like FTX.US is a huge source of potential for us as a company.”

Launched in 2020, FTX.US initially offered spot trading of six coins: bitcoin, ether, bitcoin cash, litecoin, paxos gold token, and tether.

Cryptocurrency billionaire Sam Bankman-Fried, who owns both companies, said in July that the United States has “huge growth potential, adding:” There just isn’t that much business going on. right now you size the economy. “

Read more: The first bitcoin mutual fund is trading now. Top Investment Strategist Behind Him Breaks Down His New Approach To Getting Safer Crypto Exposure Without Having to Buy Coins Directly

Bankman-Fried’s statement came after his company announced on July 20 that it had raised $ 900 million in Series B financing, which implies a valuation of $ 18 billion. The majority of the funds, Bankman-Fried said, will be used for expansion and acquisition.

Harrison, who worked with Bankman-Fried, 29, of quantitative firm Jane Street Capital, is optimistic about the success of the process, pointing to the regulated group CME – the Chicago Mercantile Exchange – as an example, which trades bitcoin futures, and more recently micro bitcoin futures.

The chairman, who was the former head of semi-systematic technology at Citadel Securities, also said that FTX.US hopes to grow its retail base, contrary to Coinbase’s goal of expanding its institutional clients.

Currently, institutional volume represents around 70% of FTX.US ‘trading volume, Harrison said.

“We want our product to be a product for everyone,” he told Insider. “I think there is a lot of room in this space to have investors who are more casual investors.”

FTX.US has recently been aggressive in its marketing campaign, signing “Shark Tank” star Kevin O’Leary and celebrity couple Tom Brady and Gisele Bndchen as ambassadors.

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