FTX agrees to sell the LedgerX platform for $50 million

Its new owner will be Miami International Holdings, the owner of the MIAX exchange

26.04.2023 - 10:30

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2 min

FTX has agreed to sell LedgerX, its crypto-derivatives platform, to the owner of Miami International Securities Exchange for about $50 million.

LedgerX was one of the few solvent pieces of Sam Bankman-Fried’s former empire. The deal would give the exchange, known as MIAX and owned by Miami International Holdings Inc., a registered platform to expand its presence in the crypto industry.

“We are pleased to reach this agreement,” said John J. Ray III, chief executive officer of FTX, in a statement Tuesday, calling it “an example of our continuing efforts to monetize assets to deliver recoveries to stakeholders.” FTX will seek court approval for the deal at a hearing set for May 4.

A representative for MIAX declined to comment beyond the release.

MIAX was among bidders eyeing FTX’s LedgerX platform, Bloomberg reported last month. MIAX already operates a clearinghouse it got as part of its 2020 acquisition of the Minneapolis Grain Exchange, but LedgerX technology would give it a window into digital assets.

Based in Miami, MIAX grew from a single options exchange to a global trading company that offers access to US and international capital markets. Its operates the 14th largest derivatives exchange group in the world, according to its website. In 2020, MIAX launched its first equities exchange, MIAX Pearl Equities. Last year, it entered into a partnership to develop and launch a suite of crypto derivatives with Lukka.

A string of crypto companies collapsed and entered bankruptcy proceedings last year. Crypto lender Celsius Network Ltd. is facing a three-way auction set for Tuesday. Meanwhile, Binance.US terminated an agreement to purchase Voyager Digital Holdings, citing “hostile and uncertain regulatory climate in the United States.”

This material is taken from the website https://www.bloomberg.com.

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