FTX.US has received approval to sell its LedgerX platform to Miami International Holdings. The sale will be made at a loss of 83%.
FTX.US has received court approval to sell its derivatives trading platform LedgerX. The platform will be sold to Miami International Holdings at a massive loss of 83%. LedgerX CEO Zach Dexter also announced the sale on Twitter.
FTX.US to Repay Creditors with Sale Proceeds
The purchase price is $50 million, and the funds will go towards paying creditors of the FTX, the bankruptcy of which sent shockwaves through the financial world. The sale was approved by U.S. Bankruptcy Judge John Dorsey in a court in Delaware. FTX.US purchased LedgerX for almost $300 million, resulting in a steep loss for the American arm of the exchange.
Miami International Holdings is a company that has many subsidiaries. It offers a variety of trading services, and its subsidiaries include MIAX, MIAX Pearl, MIAX Emerald, Bermuda Stock Exchange, and Minneapolis Grain Exchange.
The Commodity Futures Trading Commission (CFTC) regulated LedgerX, which had its headquarters in Miami, Florida. The sale comes at a time when FTX is desperately trying to acquire funds. The company needs to pay off its creditors, who are clamoring to see reparations made.
FTX has billions to repay to its creditors, and its current CEO John J. Ray III, has been working hard to ensure that this repayment takes place as best as possible. The $50 million will offer some support in the bid to pay back the $3+ billion that FTX needs to pay back.
Ray, who stated in December 2022 that they had secured $1 billion worth of assets, is leading the progress shown by this sign. There may be more sales on the horizon as FTX works on regaining as many funds as possible.
LedgerX Sale Finally Completed
FTX.US acquired LedgerX in August 2021, making headlines on that occasion — which was when FTX was still in the good books of crypto enthusiasts. The sale of the LedgerX platform was under discussion as far back as December 2022. At that time, discussions also included FTX’s European and Japanese digital assets subsidiaries.
The CFTC was closely watching LedgerX after FTX collapsed, which was solvent as the crypto exchange was melting down. It’s unclear what Miami International Holdings’ long-term plans are, but it is still a light at the end of the tunnel for the platform.
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