LedgerX Abandons Silvergate Services in Favor of Signature Bank

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LedgerX has informed customers that it will stop working with Silvergate and transfers must now be done through Signature Bank. This comes after Signature Bank announced their plans to limit the scale of their crypto business in December.

On November 17, 2022, there was a total of $303 million on the platform’s accounts. This is part of the restructuring of the bitcoin exchange as they are looking to attract liquidity for creditors.

The process to collect applications for the auction will end on March 7, though the members are not yet disclosed.

However, FTX Group has previously reported that 117 organizations have expressed interest in their subsidiaries such as LedgerX, Embed, FTX Japan, and FTX Europe. Of these, 56 are willing to purchase the crypto derivatives platform. These include Blockchain.com, Gemini and Bitpanda.