Insider was told by President Brett Harrison that FTX.US aims to offer crypto derivative trading within a year.It is a subsidiary of FTX (the world's second largest bitcoin exchange), owned by Sam Bankman-Fried, a billionaire.Currently, FTX.US offers spot trading only in compliance with the strict US regulatory frameworks.Subscribe to our daily newsletter 10 Things Before The Opening Bell/Insider was told by President Brett Harrison that FTX.US, a subsidiary FTX - the second-largest Bitcoin exchange in the world - is aiming at offering cryptocurrency derivative trading within a year.Berkeley, California-based company offers a smaller range of products than its international counterpart.FTX has both spot and derivatives platforms. The latter makes up a large chunk of the firm’s revenue. However, the US market only offers spot compliance with strict regulatory frameworks.Harrison stated that they hope to be able offer them within a year. "Quite frankly, it's possible or even better to have started a long while ago. But, we are interested in the process and collaborating the CFTC in order to be able offer these products in the US."Harrison stated that there are two ways to achieve their goal. One is through a de Novo application, which requires obtaining a license from scratch. The other is through the acquisition of a company. Harrison said that they are currently exploring both options and declined to provide more details about potential acquisitions.Insider was told by he that "we fully intend to go through in some form, so we could eventually become licensed derivatives exchange,". We see the potential in trading crypto derivatives on an exchange such as FTX.US as a huge opportunity for our business.FTX.US was launched in 2020 and offered spot trading in six coins, including bitcoin, ether cash, bitcoin cash, litecoins, paxos golden token and tether.Sam Bankman-Fried is a cryptocurrency billionaire who also owns both companies. He said that the US has an "embarrassing amount" of potential growth and added, "There just isn’t nearly as much business going there right now as one would expect given the size of our economy."Continue reading: The first Bitcoin mutual fund is now trading. Its top investment strategist explains its unique approach to safer crypto exposure without having to buy coins directly.His company announced on July 20 that it had raised $900m in series B financing. This equates to a valuation of $18billion. Bankman-Fried stated that the majority of the funds will be used to expand and acquire.Harrison worked alongside Bankman-Fried, a 29-year-old quantitative firm Jane Street Capital. He is positive they will succeed. Harrison cites the regulated CME Group – the Chicago Mercantile Exchange – as an example. It trades both bitcoin futures contracts and, more recently, micro-bitcoin futures.The former Citadel Securities boss, the president also stated that FTX.US aims to expand its retail base and not Coinbase's goal of growing its institutional clients.Harrison stated that currently, the institutional volume makes up roughly 70% of trading volume for FTX.US.Insider was told by he that he wanted his product to be accessible to everyone. "I believe there is plenty of space in this space for investors who are more casual."FTX.US recently stepped up their marketing efforts by signing up 'Shark Tank' star Kevin O'Leary as an ambassador, along with celebrity couple Tom Brady (and Gisele Bundchen) as ambassadors.
