On Thursday, dYdX, the decentralised derivatives exchange, intends to join the U.S. market by year’s end, according to a report from Reuters.
The president of dYdX, Eddie Zhang, said that having a platform in the United States is essential for the exchange since it fits with the company’s larger future plan.
A return to the US
According to the news, the platform intends to lower trading fees to between 50 and 65 basis points and provide spot cryptocurrency trading in the United States.
However, due to present rules, dYdX will not be allowed to provide its flagship product, perpetual futures trading, in the United States.
Zhang expressed his expectation to Reuters that regulators will ultimately provide advice on perpetual product offers.
DYdX specialises in perpetual contracts, a kind of derivative that, in contrast to conventional futures, has no expiration date and allows traders to speculate on the price of an asset without really owning it.
According to the San Francisco-based business, its total trading volume since its founding has just exceeded $1.5 trillion.
According to Eddie Zhang, president of dYdX, the platform intends to expand its services by providing spot trading on Solana and other related cryptocurrencies to the United States before the end of the year.
“It’s very important for us as a platform to have something available in the United States, because I think it represents, hopefully, the direction we’re trying to move in,” Zhang said.
US and crypto
DYdX’s action comes in the wake of President Donald Trump’s endorsement of the cryptocurrency industry this year, which has resulted in the dismissal of several lawsuits against well-known cryptocurrency platforms and a change by banking authorities to develop specific regulations to handle digital assets.
According to Zhang, dYdX intends to cut its trading costs by up to half “across the board,” to between 50 and 65 basis points, if it enters the United States.
dYdX expects that U.S. regulators will ultimately issue directions for decentralised platforms to be able to offer those items, even though perpetual contracts won’t be available in the country.
A rebrand
According to Zhang, the primary creator of dYdX plans to rename the company from dYdX Trading to dYdX Labs. The firm would concentrate on quicker builds, more daring experiments, and more in-depth development on onchain technology, he stated while announcing the change.
In addition to accelerating several upcoming improvements and new features, the branding is intended to facilitate the transition from centralised exchanges to onchain trading.
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