FTX Plans to Raise $50M from LedgerX Sale

FTX has reached an agreement with its subsidiary M7 Holding to sell its cryptocurrency derivatives platform LedgerX for $50 million.

The deal must be approved by the United States Bankruptcy Court in the District of Delaware and a hearing is set for May 4.

LedgerX had previously been acquired by FTX in the summer of 2021 and was put up for sale in December 2022, attracting interest from a number of companies, including Blockchain.com, Gemini, and Bitpanda.

The court allowed FTX to proceed with the sale of its business units in order to raise liquidity for creditors in January 2023, and 117 entities have expressed interest in LedgerX, Embed, FTX Japan, FTX Europe, and other companies in the group.

The auction for the sale of LedgerX has been postponed several times, but is now scheduled for March 7.