FTX Debtors agree to sell LedgerX to affiliate of Miami International Holdings

FTX’s debtors agreed to sell derivatives exchange LedgerX to an affiliate of Miami International Holdings for about $50 million.

The deal to M7 Holdings needs to be approved by the U.S. bankruptcy court overseeing FTX’s proceedings. A sale hearing to OK the deal is scheduled for May 4.

FTX secured approval early this year to sell business units to raise money for creditors. It is also looking to sell Embed Financial Technologies, FTX Japan and FTX Europe. About 117 parties have shown interest in buying entities of FTX, according to a legal filing at the start of this year.

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The development of FTX

FTX is a cryptocurrency derivatives exchange that was launched in May 2019 by FTX Trading Limited, a company based in Antigua and Barbuda. The exchange was founded by Sam Bankman-Fried and Gary Wang, who are both alumni of Jane Street, a quantitative trading firm.

Since its launch, FTX has become one of the fastest-growing cryptocurrency exchanges, with a wide range of trading products, including futures, options, and leveraged tokens. FTX also offers a spot trading platform, as well as a decentralized exchange (DEX) called Serum, which is built on the Solana blockchain.

One of the main reasons for FTX’s rapid growth is its focus on innovation and product development.

This crypto has introduced several new trading products that are unique to the cryptocurrency derivatives market, such as the leveraged tokens, which allow traders to gain leveraged exposure to cryptocurrencies without having to manage margin positions themselves.

It has also gained a reputation for being a reliable and secure platform, with a strong focus on user experience and customer support. The exchange has implemented several security measures to protect user funds, such as cold storage for most of its assets and multi-signature wallets for hot wallet storage.

Key Features

Here’s a table outlining some of the key features of FTX:

FeatureDescription
Trading productsFutures, options, spot trading, and leveraged tokens
Decentralized exchangeSerum, a DEX built on the Solana blockchain
LeverageUp to 101x leverage on futures and options
FeesCompetitive trading fees, with discounts for FTT holders
SecurityCold storage for most assets, multi-signature wallets for hot wallets, and regular security audits
User experienceUser-friendly interface, advanced charting tools, and API support
Customer support24/7 customer support, with a dedicated support team
InnovationFocused on developing new trading products, such as leveraged tokens, that are unique to the cryptocurrency derivatives market
Regulatory complianceFTX Trading Limited is licensed and regulated by the Antigua and Barbuda Financial Services Regulatory Commission
TokenFTT, the native token of the FTX platform, which can be used for trading fee discounts, staking, and governance

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