FTX and Digital Financial Group Agree on Acquisition of LedgerX, Supporting DFG’s Commitment to Web 3.0, Polkadot

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FTX and DFG have reportedly agreed on the acquisition of LedgerX, fueling DFG’s commitment to Web 3.0 and Polkadot.

FTX, a major virtual currency derivatives exchange, revealed on August 31, 2021, that it would be moving forward with its acquisition of LedgerX, the first digital currency futures/options exchange and clearinghouse “regulated by the U.S. Commodity Futures Trading Commission (CFTC).

Digital Finance Group (DFG)‘s management noted that they had “the vision that the cryptocurrency derivatives sector was about to become mature and in need of regulation to achieve a larger market share which is why DFG became the largest equity holder of LedgerX (over 25%).”

In May 2017, DFG had reportedly led the Series B round and its extension “followed by Miami International Holdings, while also leading the December 2019 Series C.” Other investors including Lightspeed Venture Partners, Google Ventures, SV Angel, were also involved in LedgerX investment rounds.

As stated in the update, DFG has been “actively” investing in various Web 3.0 initiatives and the Polkadot ecosystem, “empowering their growth that will cause a paradigm shift.” According to DFG’s future investment strategy, it will “re-invest the profit gained from investing LedgerX into Polkadot ecosystem and more Web 3.0 projects as stated in the portfolio.”

James Wo, the Founder and CEO at Digital Financial Group, told CI that DFG is a global blockchain and cryptocurrency investment firm, founded in 2015 with assets under management of over $1 billion. He confirmed that they “focus on the discovery and creation of value through [their] investment and research team thanks to analytical research based on the most impactful and promising global blockchain and Web3.0 projects that will bring a paradigm shift to the world.”

He also shared:

“We innovate by supporting projects that are set to produce profound changes in these sectors around the world. We’ve seen companies around the world migrating their systems and methods to more efficient solutions that have been brought forward by blockchain, CeFi, DeFi, NFTs and Web 3.0.”

He also noted:

“For example we are the parent company of Matrix, a virtual asset trading platform that is being developed in one of the safest and most forward-thinking regulatory jurisdictions in the world, the UAE. Additionally, we are keen supporters of the evolution and construction of ground-breaking solutions such as DeFi and Web3.0 through business consultancy, network resources, and engagement with a broader community to assist in their creation of long-term value.”

He continued:

“For this reason we have been very focused on what we consider to be undervalued blockchain protocols such as Polkadot, where there have been important advances from layer0 to layer2 in an extraordinary environment that, we believe, will have great effects on how blockchain is seen and used in the next decades in sectors like the ones mentioned above and more.”