FTX and DFG have reportedly been on the acquisition of General Ledger Xthat fuel the DFG’s commitment to Web 3.0 and Polkadot.
FTX, a major virtual currency derivatives exchange, announced on August 31, 2021 that it had acquired General Ledger X, the first digital currency futures exchange and clearing house “regulated by the” US Commodity Futures Trading Commission (CFTC).”
Digital Finance Group (DFG)Management noted that they “had a vision that the cryptocurrency derivatives sector was about to mature and in need of regulation to gain greater market share, which made the DFG the largest shareholder in LedgerX (over 25%) became”.
In May 2017, the DFG reportedly led the Series B round and its extension, “followed by Miami International Holdings, while also leading Series C in December 2019”. Other investors, including Lightspeed Venture Partners, Google Ventures, and SV Angel, have also been involved in LedgerX investment rounds.
As stated in the update, the DFG is “actively” investing in various Web 3.0 initiatives and the Polkadot ecosystem “to promote their growth that will bring about a paradigm shift”. According to the future investment strategy of the DFG, it will “reinvest the profit from the LedgerX investment in the Polkadot ecosystem and other Web 3.0 projects as indicated in the portfolio”.
James Wo, the founder and CEO of Digital Financial Group, told CI that the DFG is a global blockchain and cryptocurrency investment firm founded in 2015 with over $ 1 billion in assets under management. He affirmed that they focus “on discovering and creating 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 will create profound changes in these sectors around the world. We have seen companies around the world migrate their systems and methodologies to more efficient solutions that have been advanced 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 future-oriented regulatory agencies in the world, the United Arab Emirates. Additionally, we are avid supporters of developing and building breakthrough solutions like DeFi and Web3.0 through business consulting, network resources, and working with a wider community to help create long-term value. “
“Because of this, we have been very focused on what we believe to be the undervalued blockchain protocols like Polkadot, which have made important advances from Layer0 to Layer2 in an exceptional environment that we believe will have a major impact on how blockchain is perceived . “And used in industries like the above and more over the next few decades.”