LedgerX attracts interest from Blockchain and others – TechStory
As per a Bloomberg report on Friday, LedgerX, one of the digital currency futures and clearinghouses of FTX is for sale which has attracted many big crypto firms like Blockchain.com, Gemini, Bitpanda, and Kalshi.
The potential buyer of the Crypto derivatives exchange can be over half a dozen and numerous interested parties have also signed the non-disclosure agreements, the people familiar with the matter told Bloomberg.
Reuters requested a comment from the entities such as Blockchain.com, Gemini, and Bitpanda but it didn’t answer back immediately. Kashi could not be reached for comment.
As of November 11, the second biggest Cryptocurrency exchange and trading platform filed in the United States for bankruptcy protection after many investors and traders withdrew their funds of billions from the platform which is now the highest-profile crypto blowup till today. Before the company went bankrupt, Binance who made a deal to buy FTX abandoned the rescue deal.
Though LedgerX is safe from bankruptcy proceedings. The company was acquired by FTX US to expand its business and its platform for crypto which allowed them to enter into the crypto futures and options trade.
LedgerX unit is registered as a derivatives exchange in the US Commodity Futures Trading Commission and was a cornerstone of Bankman-Fried’s efforts in Washington.
After the crypto exchange FTX, more than 100 other entities filed for bankruptcy associated with the company. LedgerX is considered one of the most valuable assets associated with FTX.
John Ray III the new Chief Executive Officer of FTX and other restructuring advisers have been poring over the firm’s books in the hunt for cash, cryptocurrency, and assets that could be traded to help compensate creditors. It’s undefined how much LedgerX, which had about $303 million in cash as of a Nov. 17 filing, may bring in a sale.
FTX US Derivatives formerly known as LedgerX is a digital currency that is a cryptocurrency futures and options exchange and clearing house that is regulated by the CFTC (Commodity Futures Trading Commission).
It offers physical compensation for all contracts, block trading, and algorithm trading options for those businesses that finance money for consumers or members. It permits direct admission for all merchants and investors.
About Cryptocurrency Futures
Cryptocurrency futures are an agreement between two parties or investors that bet on the future pricing of the digital currency. But it has a huge difference between trading or investing and futures because cryptocurrency futures give access to select cryptocurrencies without even purchasing them. It is traded on the Chicago Mercantile Exchange.
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