FTX US to invest in IEX stock exchange to launch digital securities
FTX US expects to finalize investment in the investor's Exchange in May 2022 to customary closing conditions and regulatory approval.
Sam Bankman Fried's cryptocurrency exchange FTX continues investing in traditional finance with the United States-based affiliate FTX US investing in Investors Exchange(IEX) a U.S national stock exchange.
FTX US has signed an agreement to make a strategic investment in the IEX's operator IEX Group to jointly establish a market structure for buying selling and trading digital asset securities
IEX and FTX US expect to close the deal in May 2022, to customary closing conditions and regulatory approval.
New collaboration aims to provide service for retail and institutional investors. IEX is planning to implement its existing market structure and regulatory principle.
FTX and FTX US CEO Bankman fried pointed out that collaboration with IEX will further contribute to the establishment of the crypto market and cooperation with regulators. He noted that he has long been a fan of IEX CEO Brad Katsuyama's vision to be a fair exchange.
“Investing in IEX created a tremendous opportunity for FTX US. With this investment, we’re aligned with one of the most trusted and innovative companies in equities markets.” said:
IEX co-founder and CEO Katsuyama stressed that the partnership with FTX aims to help the U.S be the largest player in digital assets globally through dialogue with regulation He said:
“To unlock its full potential, the crypto and digital asset industry need to engage with regulators and truly scale what has been built [...] We both see the regulators as important allies in providing a clear path forward and attaining the highest possible standards for investor protection.”
FTX and IEX also plan to introduce a new initiative that would invite all investors to join the conversion with regulators regarding the future of the market structure for digital asset securities. The companies plan to provide more details about the project at a later date.
FTX and FTX US have been actively investing in traditional finance recently. FTX's venture capital arm FTX Ventures invested $100 million in the mobile banking application, Dave, in conjunction with FTX US partnership with Dave for crypto payments.
According to TechCrunch, FTX has also said to invest in the Indian gaming startup Mobile Premier League as it prepares to make another push in the Web3 sector.