Bankrupt FTX Closes $50 Million Sale of LedgerX, Amidst Growing Calls for Switch to Hybrid Exchanges

The post Bankrupt FTX Closes $50 Million Sale of LedgerX, Amidst Growing Calls for Switch to Hybrid Exchanges appeared first on Coinpedia Fintech News

In November 2022, the cryptocurrency ecosystem was hit by a shock collapse. FTX, one of the biggest centralized exchanges at the time had irregularities in their books and had insufficient assets in reserve to match the withdrawals of customers. 

As the bankruptcy proceedings of FTX moves forward, the company has now announced an agreement reached with M7 Holdings to sell its crypto derivatives platform LedgerX LLC to raise funds to reimburse users.

The bankruptcy proceedings of FTX serve as a constant reminder of why cryptocurrency traders are leaving centralized exchanges for innovative hybrid exchanges like Tradecurve.

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FTX to Sell LedgerX for $50 Million

In a bankruptcy hearing on Tuesday, April 25th, the lawyers representing the beleaguered crypto exchange FTX agreed to sell LedgerX. FTX will sell its derivative trading platform to M7 Holdings, an affiliate of Miami International Holdings, Inc.

As per reports, the sale of LedgerX is expected to fetch up to $50 million which will be channelled to reimburse customers of the bankrupt crypto exchange. 

The sale of LedgerX to M7 Holdings is scheduled to be heard and reviewed in court on May 4th. The sale is part of the ongoing effort since the FTX collapse to monetize assets from the collapse to return to affected stakeholders.

FTX, under Sam Bankman-Fried, acquired LedgerX – a crypto derivatives trading platform – in August 2021, in a bid to expand its spot trading services. FTX will collapse 15 months later, leading to the sale.

FTX’s Failure and the Birth of Hybrid Exchanges

The collapse of FTX in November exposed many cryptocurrency exchanges for not being transparent with their dealings of users’ funds. As a result of the FTX collapse, many crypto traders and users left centralized exchanges for decentralized ones.

However, not long after the migration, they soon discovered that decentralized exchanges were not as liquid or as easy to use as their centralized counterpart. The perfect solution has now become hybrid exchanges – as they combine the best features of the two exchange models.

In addition, some hybrid exchanges like Tradecurve offer more than both types of exchanges. Tradecurve is an all-in-one trading platform, where users can trade crypto, forex, stocks, and commodities all from a single account. 

Tradecurve allows users to do this without the need for strenuous KYC requirements too. On the platform, traders will also have access to some of the perks of traditional trading platforms, including algorithmic trading, copy trading, advanced tools for analysis, low latency ultra-fast order executions, and even negative balance protection.

As the lack of trust in CEX rise, some companies are migrating to become hybrid exchanges. Phemex, a top 20 crypto exchange, is a good example. But, in the end, it is the collapse of FTX that opened the eyes of the crypto ecosystem to what more can be achieved outside of centralized exchanges.

With Tradecurve’s innovative foundations and positive outlook many experts believe the platforms native utility token $TCRV will become a top 10 cryptocurrency over the coming years, the presale is an excellent opportunity for investors to get involved in this exciting project with real-world usage.

Check the following links for more information about Tradecurve (TCRV):

Website: https://tradecurve.io/

Buy presale: https://app.tradecurve.io/sign-up

Twitter: https://twitter.com/Tradecurveapp

Telegram: https://t.me/tradecurve_official