LedgerX to be sold for $50 million

On May 4, the Delaware County Bankruptcy Court (USA) approved deal between the FTX exchange and the “daughter” of Miami International Holdings on the sale of the LedgerX crypto derivatives platform for $50 million.

According to lawyers, there were no objections to the sale of LedgerX.

Miami International Holdings operates several trading platforms in the US and abroad, including the Minneapolis Grain Exchange and the Bermuda Stock Exchange. FTX has entered into an agreement with its subsidiary M7 Holding.

In the summer of 2021, the American “daughter” of FTX announced plans to open access to trading in cryptocurrency derivatives for clients. The structure later acquired LedgerX.

In December 2022, Bloomberg reported that the platform was up for sale. According to the agency, about 10 companies showed interest in the purchase. Among them are Blockchain.com, Gemini and Bitpanda.

In January 2023, the court allowed FTX to proceed with the sale of its business units in order to raise liquidity for settlements with creditors. The exchange previously reported that LedgerX, Embed, FTX Japan, FTX Europe, and other companies in the group have generated interest from 117 entities.

Initially scheduled for March 7, the auction for the sale of LedgerX has been repeatedly postponed.

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