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Founded 2013
Headquarters New York, NY
Key People Paul Chou, Chief Executive Officer and Co-Founder
Products Bitcoin trading
Website LedgerX Homepage

LedgerX is an institutional trading and clearing platform for bitcoin options and spot trading, backed by Miami International Holdings, Inc. It has regulatory licenses to operate as a swap execution facility (SEF) and as a Derivatives Clearing Organization, (DCO).

LedgerX received approval for its platform from the CFTC in July of 2017 and began listing physically settled one- to six-month options contracts for bitcoin in October 2017. Other digital currency contracts such as ethereum options are expected to follow.

It was granted a license by the Commodity Futures Trading Commission in June 2019 to be a designated contract market, thus allowing LedgerX to offer physically-settled bitcoin futures, making it the first exchange to do so. LedgerX is competing with other exchanges that plan to offer physically settled bitcoin futures including: Bakkt, Seed CX and ErisX as well as CME Group, which offers cash settled futures. With regulatory approval, LedgerX will offer physical bitcoin, bitcoin options and bitcoin futures on a new platform called Omni to retail and institutional customers.[1]

The LedgerX management team is made up of Goldman Sachs, MIT and CFTC alumni. Paul Chou, a former Goldman Sachs Group trader, is LedgerX’s chief executive. Ananda Radhakrishnan, former director of the CFTC’s Division of Clearing and Risk, and Carl Mahler, Partner at Gelber Group, currently sit on the LedgerX LLC board of directors. Former CFTC Commissioner Mark Wetjen and Robert Castrignano, principal in the equities division at Sandler O’Neill + Partners, L.P., sit on the board of directors of Ledger Holdings Inc., LedgerX's parent company.[2]

LedgerX ranked 53rd in global derivative exchange volume in 2018 with 31,324 contracts traded, according to the FIA Annual Volume Report.[3][4]


The U.S. CFTC granted LedgerX the first license to clear and settle derivative contracts for digital currencies in July of 2017. The license authorizes LedgerX to provide clearing services for fully collateralized digital currency swaps. LedgerX, which was also granted a license to operate as a swap execution facility, initially plans to clear bitcoin options, the CFTC said in a statement.[5]

To get the clearing license, LedgerX secured $11.4 million in funding in May led by Miami International Holdings Inc and China's Huiyin Blockchain Venture Investments.

LedgerX first received a temporary approval to operate as a swap execution facility in 2015. The firm applied for designated contract market (DCM) status in November 2018, as well as an application for a derivatives clearing organization (DCO) license.

In June 2019, it received the DCM license approval from the CFTC, allowing it to offer physically-settled bitcoin futures.[6]

Contract Volume

Year Total Annual Volume Percent Change
2018 31,324 594%
2017 4,513

Key People

  • Paul Chou, Chief Executive Officer and Co-Founder
  • Juthica Chou, President and Chief Risk Officer, Co-Founder
  • Zach Dexter, Chief Technology Officer, Co-Founder


  1. LedgerX Reveals Bid to Beat Bakkt to Physical Bitcoin Futures Launch. Coindesk.
  2. About LedgerX. LedgerX.
  3. 2017 Annual Volume Survey. FIA.
  4. 2018 Annual Volume Survey. Futures Industry.org.
  5. LedgerX gets U.S. approval for derivatives on digital currencies. Reuters.
  6. CFTC Approves LedgerX to Settle Futures in Real Bitcoin. Coindesk.