FTX, a leading cryptocurrency exchange, has finalized the sale of LedgerX, a crypto derivatives exchange, for $50 million. The acquisition of LedgerX will enable FTX to expand its derivatives trading services and offer its customers more options for trading crypto assets. The move is part of FTX’s strategy to become a one-stop-shop for cryptocurrency trading, with a focus on innovative financial products and services. With the acquisition of LedgerX, FTX will be able to tap into the rapidly growing market for crypto derivatives and offer its customers a wider range of investment opportunities.
M7 Holdings to Acquire LedgerX for $50 Million
FTX-owned derivatives trading platform, LedgerX, is set to be sold to M7 Holdings for an expected $50 million. The sale is a result of FTX’s bankruptcy filing in November 2021, which included LedgerX. The purchase agreement was approved by FTX’s bankruptcy lawyers on Tuesday, and the sale hearing is scheduled for May 4, 2023.
Based in Akron, Ohio, M7 Holdings is an affiliate of Miami International Holdings, Inc. The latter is a global operator of financial exchanges and execution services. M7 Holdings entered the winning bid at the auction of LedgerX on April 4.
FTX CEO and Chief Restructuring Officer, John J. Ray III, expressed his pleasure at reaching the agreement with MIH, which he said is an example of their continued efforts to monetize assets and deliver recoveries to stakeholders.
LedgerX came under the FTX umbrella in August 2021 when FTX subsidiary FTX.US acquired it. At the time, former FTX CEO, Sam Bankman-Fried, expressed his excitement over the development. Bankman-Fried said that FTX looked forward to working with the Commodity Futures Trading Commission (CFTC) on “innovating in the U.S. crypto derivatives space.”
LedgerX is a regulated bitcoin derivatives trading platform. It offers products like Bitcoin Futures and Bitcoin Options to both institutional and retail clients. The acquisition of LedgerX by M7 Holdings will provide a new and strong platform for financial derivatives and trading services.
In conclusion, M7 Holdings’ acquisition of LedgerX is a significant move in the crypto derivatives space. Its winning bid will help recover FTX’s debt and provide a fresh start for the LedgerX team. The acquisition will also enable M7 Holdings to expand its presence in the digital assets and trading services landscape. Stay tuned to our daily crypto news to stay abreast of more such developments.