LedgerX, the bitcoin derivative exchange and trading platform started by ex-Wall Street honcho, Paul Chou has received a temporary approval from the United States Commodities Futures and Trading Commission. This approval means, the company can now have swap execution facility as part of its operations.
The CTFC approval has been a long awaited one for LedgerX as it had applied for it almost a year ago. Even then, the approval LedgerX has received is a temporary one. However, the founder and CEO of the company Paul Chou has stated that they won’t be launching their exchange until they receive all required licenses to run their operations.
LedgerX has been in the works for some time now. It has received support from various quarters. The company is already backed by Google Ventures and LightSpeed Venture Partners. After LedgerX applied for the license with US CFTC, the company’s application was endorsed by other bitcoin based startups like BitPay and Circle during the commenting period.
Even Midas Advisory Group Inc. was among the notable companies which issued comments favoring the Derivative Clearing and Swap Execution Facilities