FTX.US, the US arm of popular crypto trading platform FTX, announced Tuesday that it has entered into an agreement with IEX Group, agreeing to acquire a “significant” stake in the exchange.
A press release issued today detailed the companies’ joint plans to establish a transparent market framework for buying, trading, and selling digital asset securities. FTX and IEX Group are expected to close the deal in the coming month, subject to closing conditions and regulatory approvals.
IEX Group is best known for launching IEX Exchange, a US-based regulated securities exchange that became well-known by Michael Lewis’ best-selling book “Flash Boys”. The book chronicled the early efforts by the IEX team to create a trading exchange that is immune to high-frequency trading.
Sam Bankman-Fried, CEO of FTX and FTX US, said in the press release:
“I’ve long respected Brad’s vision for IEX to be an exchange that caters to the needs of the investor and treats them fairly – part of the reason why we’ve operated similarly at FTX. As a result, we will collaborate on the further establishment of crypto market structure and work closely with regulators, allowing institutions around the world to enter the marketplace seamlessly.”
The announcement emphasized the companies’ plans to develop a crypto regulatory landscape and market structure by working closely with US regulators.