FTX and Ledger bring together hardware wallets and crypto trading

Rick Steves

Hardware wallets are usually considered the most secure option, but they make transactions an unwelcomed extra step. 

FTX, one of the world’s leading cryptocurrency exchanges, has partnered with popular hardware wallet and gateway to Web3, Ledger.

Ledger’s self-custody application will have access to FTX’s liquidity, leverage, and trading options, thus enabling users in 150 countries to trade across 300 digital asset pairs with complete control of their funds.

Solving the dilemma for crypto investors

The partnership solves one of the ongoing dilemmas for crypto investors: where your assets are accessible and where they are safest. Hardware wallets are usually considered the most secure option, but they make transactions an unwelcomed extra step.

Sam Bankman-Fried, Founder and Chief Executive Officer at FTX, said: “This is an important innovation in crypto trading. Investors are looking for increased security and self-custody solutions without sacrificing liquidity, leverage and trading options. The partnership between FTX and Ledger addresses this pain point for the marketplace, by providing quick access to trading while assets remain fully secure.”

Pascal Gauthier, Chief Executive Officer at Ledger, commented: “Ledger is the #1 choice for serious crypto investors. More than 15% of all crypto assets are secured by the more than 4 million Ledger Nanos sold since 2014. In the past, they would need to move their assets to an exchange, trade, and move back again. Now serious traders and investors can do everything right from the security of their Ledger Nano.”

Deposit to and withdrawal from the FTX platform has become easy and speedy for the benefit of Ledger Live users, who will gain access to over 300 trading pairs, including BTC-ETH, BTC-SOL, while using the hardware wallet.

FTX acquires LedgerX to become CFTC-regulated giant

FTX has recently announced the acquisition of LedgerX, a CFTC-regulated exchange and clearinghouse, that operates as a Designated Contract Market (DCM), Swap Execution Facility (SEF), and Derivatives Clearing Organization (DCO) that caters to both retail and institutional investors.

The firm offers physical settlement of all contracts, block trading, and algorithmic trading opportunities for institutional investors, and has cleared over 10 million crypto options and swap contracts since launching in 2017.

LedgerX is a pioneer in bitcoin mini contracts and will continue its current offerings independent of the deal with FTX.

Combining FTX with LedgerX, the firm will be able to create new products that meet the needs of both retail and institutional traders and develop a strong working relationship with the US regulatory community, specifically with the CFTC.

As regulatory clarity remains an issue within the digital asset ecosystem in the United States, FTX.US stated it “hopes to further drive innovation that is compliant and meets the rigorous standards of the US financial services industry”.

The FTX has recently reduced the maximum leverage allowed on the platform and reported that average daily volume grew by over 150 times when compared to the same time last year with the peak of $993 million coming in a 24 hour period on April 22, 2021.

 

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