FTX US plans to add crypto derivatives, stock trading, and self-hosted wallet support for NFTs to its product offerings.
Customers will soon access crypto derivatives and non-fungible token (NFT) services on the platform, according to FTX US, the US section of global cryptocurrency exchange FTX.com.
The exchange is developing a self-hosted wallet that will allow FTX NFTs and NFT games, according to Brett Harrison, president of FTX US.
Customers in the United States will trade tokenized stocks on the crypto market.
FTX US Is Getting Ready to Launch Derivatives
For months, the notion of offering crypto derivatives to US clients has been in the works.
FTX US took the first steps toward diversifying its services by purchasing Ledger Holdings, the parent company of LedgerX, a regulated crypto derivatives platform, in October.
LedgerX was renamed FTX US Derivatives after the takeover by the crypto exchange.
FTX US is now licensed to trade derivatives
The exchange received three licenses shortly after the purchase was completed. To allow it to offer derivatives services to crypto users in the United States, it established a CFTC-regulated Designated Contract Market (DCM), Swap Execution Facility (SEF), and Derivatives Clearing Organization (DCO).
FTX.com, the parent business of FTX US, announced earlier this month that its American branch had joined the International Swaps and Derivatives Association (ISDA).
ISDA is a private trade organization that works to enhance swaps and derivatives trading and detect and mitigate risks for derivatives users.
Regulation is slowing the growth of cryptocurrency, according to FTX’s CEO
Meanwhile, FTX.com is trying to extend its regulatory compliance solution offerings.
Last week, Bankman-Fried highlighted the actions needed to propel the crypto sector ahead in 2022, claiming that legislation is the biggest obstacle hindering the industry’s growth.