FTX.US Witnesses an 52% Increase on Its User Count during Q3 2021

FTX.US, the United States-based affiliate of the crypto Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term FTX, published on Thursday its corporate business update for the third quarter of 2021. According to the report shared with Finance Magnates, its average daily volume (ADV) rose by 512% during the period.

Also, it hit a total peak volume of $807 million during a 24-hour period on September 7, 2021. Moreover, its user count skyrocketed by 52% over the third quarter, while its US crypto spot market volume was held at 4.5% at the end of the period, which is up from 2% at the start of the quarter.

“The continued growth and success of the FTX US platform is a testament to our team’s dedication to delivering industry-leading technology and unrivaled customer service. The trust and support of our user base have allowed FTX US to become the fastest growing and most in-demand crypto exchange in the US, but we have barely scratched the surface. We will continue to improve our existing offerings and rapidly expand into new areas, including derivatives, NFTs and payment services,” Brett Harrison, President of FTX US, commented on the metrics.

LedgerX Acquisition

In terms of the latest move within the company, FTX.US highlighted the rebranding of FTX: Blockfolio to FTX while praising the increasing headcount during the period by 30%. “The acquisition of LedgerX, which we have since rebranded as FTX US Derivatives, will enable us to provide licensed crypto futures and options to our retail and institutional customers and has placed us in the unique position to reshape the US derivatives market. To achieve our goals, we will be in constant communication with regulatory agencies and are hoping to play a central role in defining crypto regulatory policy in the US,” Harrison added.

LedgerX is one of the few crypto venues which is CFTC-regulated Designated Contract Market (DCM), Swap Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term Facility (SEF) and Derivatives Clearing Organization (DCO).