LedgerX: Established a partnership with Signature, no longer using Silvergate

ChainCatcher message, according to an email sent to clients by the FTX crypto derivatives platform LedgerX, the company will no longer use the troubled Silvergate Bank and has established a partnership with Signature Bank. FTX and related entities have accounts at both Silvergate and Signature, and since FTX's collapse, Silvergate has faced stricter scrutiny from lawmakers. Bloomberg previously reported that the U.S. Department of Justice is investigating Silvergate's transactions with FTX and Alameda Research.

As of the filings submitted on November 17, LedgerX has approximately $303 million in cash on hand, making it one of the few solvent subsidiaries in the FTX bankruptcy proceedings. LedgerX's initial bid is set to expire on January 25, with an auction scheduled for March 7. The bidders have not been publicly disclosed, but reportedly crypto participants such as Blockchain.com, Gemini, and Kalshi are interested in bidding. (source link)