LedgerX: Partnership with Signature, no longer using Silvergate

According to Bloomberg, according to an email sent to customers by 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, which has faced increased scrutiny from lawmakers since FTX collapsed. Bloomberg previously reported that the DOJ was investigating Silvergate's dealings with FTX and Alameda Research. With approximately $303 million in cash on hand as of the Nov. 17 filing, LedgerX is one of the few solvent subsidiaries in FTX’s bankruptcy proceedings. Initial bids for LedgerX, which were due on January 25, will hold an auction on March 7. The bidders have not been disclosed, but crypto players such as Blockchain.com, Gemini and Kalshi are said to be interested in bidding.