FTX, a derivatives exchange, got approval from creditors to sell its subsidiaries to generate money for repaying its obligations. In the proposed deal, an affiliate of the Miami International group has agreed to purchase the LedgerX exchange for roughly $50 million. The legality of the partnership will be approved in the U.S. bankruptcy court on the 4th of May and will determine the outcome of the transaction.

FTX is taking further steps in selling more of its business components in order to continue satisfying creditors, having 117 interested in buying parts of it at the beginning of the year. Some of these units include Embed Financial Technologies, FTX Japan, and FTX Europe.

The Miami International Holdings affiliate purchased the LedgerX cryptocurrency exchange for cash, aiming to expand its product portfolio, especially in the derivatives and digital asset division. LedgerX will be joining their already established platform, MA II Holdings LLC, in developing the Ethereum markets and digital asset services.

FTX, which is a division of Alameda Research, has become one of the fastest growing crypto exchanges in the world. Earlier this year, they were estimated to be handling over 30 billion by April, while also adding features such as derivatives and options capabilities. With this being said, the company has become a major player in the derivatives trading market and is no longer just a small start-up.

With this purchase, Miami International Holdings will now have the potential to expand its services and continue building a robust and diverse cryptocurrency derivatives portfolio. Moreover, the acquisition of LedgerX will give Miami International the chance to establish itself within the cryptocurrency space and create more inroads into the dynamic area of digital assets and tokens. As a result, the business will have the advantage of diversifying its investments, thus boosting its global market presence.



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