Brett Harrison – the president of FTX.US, an affiliate of FTX – says that his exchange is looking to offer crypto derivatives trading within 12 months.
FTX.US Sees Derivative Trading in Its Future
FTX has become the world’s second-largest cryptocurrency exchange after Binance. FTX.US, which is based in California, presently has limited options available to crypto traders when compared with its parent, as at the time of writing, the firm can only provide spot in compliance with relatively hardcore regulation in the United States.
Harrison explained in an interview:
We definitely hope to be able to offer them inside of a year. Quite frankly, we could have or should have started a long time ago, but we’re definitely interested in going through the process and collaborating with the CFTC to be able to offer those products in the U.S.
He says that for FTX.US to offer spot trading, the company is likely to take one of two routes. The first route is by applying for a license and going through the whole application process from the early stages. The second involves acquiring a firm of some kind. While he says the company is looking at both ideas carefully right now, they are not sure which to take yet and are not disclosing any further details about their future decisions.
We fully intend to go through in one form or another so that we could eventually become a licensed derivatives exchange. The ability to trade crypto derivatives on an exchange like FTX.US is an enormous source of potential for us as a business.
Sam Bankman-Fried – the owner of both FTX and FTX.US – says that there isn’t much business occurring in the United States right now given that its economy doesn’t fully support crypto activity. Regulation tends to make things difficult, and things could potentially become even stickier in the coming future should the latest infrastructure bill take hold.
There just isn’t nearly that much business going on there right now as you would expect, given the size of the economy.
He is hoping his company can contribute to change in some way given that the firm has recently earned more than $900 million in new funding through what is arguably being labeled as the biggest funding round for any cryptocurrency company in the history of the space. Bankman-Fried has stated that he would like to use the money to focus primarily on U.S. expansion and growth.
A Product for All Investors?
In the meantime, Harrison believes that spot trading is a way to go given that it is an investment arena that could do wonders for all traders. He comments:
We want our product to be a product for everyone. I think that there’s plenty of room in this space to have investors who are more casual investors.