CEO of Digital Finance Group, James Wo on FTX Purchase of LedgerX

CEO of Digital Finance Group, James Wo on FTX Purchase of LedgerX
  • Protocols like staking and DeFi would be tough to regulate.
  • James said the company is focusing on establishing itself in the Asian industry.

FTX purchased LedgerX, a cryptocurrency derivatives platform licensed by the CFTC, Swap Execution Facility, and Derivatives Clearing Organization (DCO). LedgerX has been around for nearly four years and has cleared over 10 million options and swaps contracts. When asked why FTX bought it, James Wo said it was a win-win scenario for both parties.

In a Zoom interview with Nairametrics, James Wo, a LedgerX board member and CEO of Digital Finance Group (DFG), addressed FTX’s purchase of LedgerX.

List More Coins and Offer Leveraged Trading

LedgerX announced its purchase by FTX and said that the transaction would have no significant effect on its operations. As the platform will continue to serve its existing client base. When asked James whether there had been any substantial changes to LedgerX’s board. James mentioned that the management team had not changed.

James said:

“FTX will be a major shareholder on the board because previously, LedgerX had 2 board seats for Terry and me. Both of us are still on the board and we also got other people on the board, like the CEO of LedgerX, Zach; and the Chair of LedgerX, Larry, who was a former commissioner of CFTC.”

James was also questioned about Coin base’s entry into the cryptocurrency futures market and what innovations they have in place to stay competitive. He answered that the company now looks to list more coins and would also like to offer leveraged trading in the upcoming future.

 When asked whether LedgerX has ambitions to grow into the African market, James said that the business is presently focusing on establishing itself in the Asian industry. James discussed the present regulatory environment for cryptocurrencies. Stating that protocols like staking and DeFi would be tough to regulate.

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A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.