FTX.US has received approval to sell its LedgerX platform to Miami International Holdings. Selling 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 huge loss of 83%. LedgerX CEO Zack Dexter also announced the sale on Twitter.
FTX.US to pay off creditors with the proceeds of the sale
The purchase price is $50 million, and the money will go towards paying creditors of FTX, whose bankruptcy sent shock waves through the financial world. The sale was approved by US Bankruptcy Judge John Dorsey in a Delaware court. FTX.US bought LedgerX for almost $300 million, resulting in a huge loss for the US arm of the exchange.
Miami International Holdings is a corporation with several subsidiaries. It offers a variety of trading services, and its subsidiaries include MIAX, MIAX Pearl, MIAX Emerald, Bermuda Stock Exchange, and Minneapolis Grain Exchange.
LedgerX is regulated by the Commodity Futures Trading Commission (CFTC), which is headquartered in Miami, Florida. The sale comes at a time when FTX is trying hard to get cash. The company needs to pay its debts to its creditors who are demanding compensation.
FTX has billions to pay back its creditors, and current CEO John J. Ray III, has been working hard to ensure that repayments go as smoothly as possible. the $50 million He will provide some support in an effort to pay back the $3+ billion that FTX needs to pay back.
Ray, who stated in December 2022 that they have secured $1 billion in assets, is leading the progress shown by this sign. There may be more sales on the horizon as FTX works to recover as many funds as possible.
LedgerX sale is finally complete
FTX.US acquired LedgerX in August 2021 made headlines on that occasion – and that was when FTX was still in the good books of crypto enthusiasts. Selling the LedgerX platform has been under discussion since December 2022. At that time, European and Japanese digital asset companies affiliated with FTX were also in discussions.
The CFTC has been keeping a close eye on LedgerX after the collapse of FTX, which was solvent because the cryptocurrency exchange was crashing. It’s unclear what Miami International Holdings’ long-term plans are, but it’s still a light at the end of the tunnel for the platform.
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