LedgerX, a subsidiary of FTX US, is now up for sale and over 10 crypto firms are interested in purchasing it.

FTX Subsidiary LedgerX Is Up For Sale: Report

  • LedgerX, a subsidiary of FTX US, is now up for sale and over 10 crypto firms are interested in purchasing it.
  • The ten firms include Blockchain.com, Gemini, Bitpanda and Kalshi, a CFTC-regulated platform specializing in trades based on the outcome of events.
  • FTX Australia Pty Ltd., FTX Express Pay Ltd., LedgerX LLC, and FTX Digital Markets Ltd. were not included in the Chapter 11 proceedings.
  • LedgerX revealed that it is planning to make $175 million available for use in FTX’s bankruptcy proceedings.

Crypto derivatives exchange LedgerX is now up for sale, as per a report from Bloomberg, and possible crypto firms interested in the purchase are prominent crypto firms Blockchain.com, Gemini, Bitpanda, and Kalshi, all of which have experienced some kind of downturn amid a bearish crypto market and a prolonged crypto winter.

LedgerX, a subsidiary of crypto exchange FTX US, the US arm of the firm founded by Sam Bankman-Fried, popularly known as SBF in the crypto space, FTX. Interestingly, the US-based firm was able to acquire the derivatives exchange back in October 2021 when the price of cryptocurrencies were witnessing their peak values. This acquisition was one of the biggest moves made by SBF.

Interestingly, LedgerX is one of the few crypto firms that has been regulated and approved by the the US Commodity Futures Trading Commission (CFTC) and is now, one of the very few solvent entities left in the FTX group of companies, according to the report. Additionally, it is also crucial to note that at least 10 companies have expressed interest in purchasing the assets belonging to the crypto derivatives exchange.

As per previous reports, FTX Australia Pty Ltd., FTX Express Pay Ltd., LedgerX LLC, and FTX Digital Markets Ltd. were not included in the Chapter 11 proceedings that was filed by the Bankman-Fried-led exchange in early November.

Moreover, Blockchain.com, Gemini, Bitpanda and Kalshi, a CFTC-regulated platform specializing in trades based on the outcome of events, are all interested in the purchase of the crypto derivatives exchange and clearinghouse Bloomberg noted while not disclosing the names of other candidates for the same.

A formal announcement is yet to be made by LedgerX regarding the sale of its assets. However, a person close to the matter stated that there is a strong interest from six other firms for the purchase but the bidding is yet to begin.

According to another report from Bloomberg on Nov. 29, LedgerX revealed that it is planning to make $175 million available for use in FTX’s bankruptcy proceedings. This money would come from a $250 million fund which was originally planned to be used for a CFTC application aimed at getting regulatory approval to “clear crypto derivatives trades without intermediaries.”

The crypto derivatives exchange was looking to get approved for offering products that were not fully collateralized but it withdrew its application with the CFTC when FTX filed for bankruptcy on Nov. 11.

Parth Dubey
Parth Dubey Verified Author

A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.

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