FTX US Subsidiary LedgerX Has Potential Buyers

Crypto exchange FTX's digital currency futures and clearing house LedgerX is for sale and Blockchain.com, Gemini,etc. have expressed interest.

FTX’s digital currency futures and clearing house LedgerX is for sale and several cryptocurrency companies, including Blockchain.com, Gemini, Bitpanda, and Kalshi, have expressed interest in purchasing the business.

The persons told Bloomberg that there could be more than half a dozen more potential purchasers for the cryptocurrency derivatives exchange, and that some of the interested firms have inked non-disclosure contracts.

On November 11th, arguably the most known crypto meltdown to date, the cryptocurrency trading platform FTX filed for bankruptcy in the United States after users withdrew billions of dollars in three days and a competing exchange, Binance, refused to take over. 

However, the bankruptcy filings did not include LedgerX. Last year, FTX US bought it to enter the options and the futures markets for cryptocurrencies. 

Additionally, the bankruptcy procedures may benefit from up to $175 million that LedgerX of FTX proposes to disburse recently. 

Moreover, the bankruptcy procedures may benefit from up to $175 million that LedgerX of FTX proposes to disburse recently.

Ultimately, FTX owes up to $3 billion to its top 50 investors and has roughly a million debtors, therefore the funds will be used to pay part of those obligations down.  

FTX Meltdown Had Adverse Effects

After the resignation of founder and CEO Sam Bankman-Fried, FTX filed for Chapter 11 bankruptcy and there are signs that the number of creditors may exceed one million.

There have been ongoing efforts to discover the causes of the FTX meltdown by looking at the reasons behind the exchange’s liquidity crisis. 

The US House Financial Services Committee has also scheduled a hearing on the circumstances surrounding FTX’s demise for December 13.

Moreover, Gemini, a leading cryptocurrency exchange in the United States, has said it will continue to collaborate with Genesis and Digital Currency Group (DCG), the parent company of Genesis, to develop a plan that will allow customers to withdraw funds through its Earn programme.