On May 4, the Delaware bankruptcy court approved the deal between the FTX exchange and the subsidiary of Miami International Holdings to sell the LedgerX crypto-derivatives platform for $50 million.
Lawyers said there were no objections to the LedgerX sale.
Miami International Holdings operates several trading platforms in the United States and abroad, including the Minneapolis Grain Exchange and the Bermuda Stock Exchange. FTX struck a deal with the subsidiary M7 Holding.
In the summer of 2021, FTX’s US subsidiary announced plans to give clients access to trading cryptocurrency derivatives. Later the group acquired LedgerX.
In December 2022, Bloomberg reported that the platform was up for sale. According to the agency, about 10 companies showed interest in acquiring it. Among them were Blockchain.com, Gemini and Bitpanda.
In January 2023, the court allowed FTX to begin selling its business units to raise liquidity for creditor settlements. Earlier the exchange said that LedgerX, Embed, FTX Japan, FTX Europe and other entities within the group attracted interest from 117 organizations.
The LedgerX sale auction, originally scheduled for March 7, was repeatedly postponed.
In May, lawyers for FTX filed a lawsuit against the bankrupt crypto-lending platform Genesis seeking the return of $4 billion.