FTX Group sells LedgerX for $50 million

FTX Group sells LedgerX for $50 million
FTX Group has agreed to sell cryptocurrency derivatives trading platform LedgerX for $50 million
Managers of the bankrupt exchange intend to get court approval for the deal in early May

FTX has agreed to sell its cryptocurrency derivatives platform LedgerX to Miami International Holdings, owner of the Miami International Securities Exchange (MIAX), for approximately $50 million, Bloomberg reports.

LedgerX was founded by former Goldman Sachs trader Paul Chow in 2012. It works with institutional investors and has been trading bitcoin derivatives since October 2017, with permission from the U.S. Commodity Futures Trading Commission (CFTC). FTX acquired the platform in 2021.

The FTX group filed a request to sell LedgerX and several other companies last December. Lawyers said in filings that the platform as a whole was independent of the operations, holdings, and investments of other FTX companies, maintained separate customer accounts, had a separate management team, and was supported by a separate IT system.

With the deal, MIAX will have a registered digital asset platform, thereby expanding its presence in the crypto industry. FTX will seek approval for the sale of LedgerX at a court hearing on May 4.

It is the 14th largest derivatives exchange in the world, according to the MIAX website. In 2020 Last year, the company partnered with Lukka to develop and launch a suite of cryptocurrency derivatives.