FTX to Sell Digital Custody Unit for a Fraction of the Price
Crypto exchange FTX is planning to sell its Digital Custody Inc. (DCI) unit to CoinList for only $500,000. FTX initially acquired DCI for $10 million but never integrated it into its operations.
DCI’s Operations Decline After LedgerX Sale
Following the sale of LedgerX and FTX’s decision not to restart or sell its exchange, DCI’s operations dwindled. However, DCI still holds value as it possesses a custody license from South Dakota.
Sale to CoinList Considered Most Favorable
Rather than holding an auction, FTX debtors have chosen to sell DCI to CoinList and its CEO Terrence Culver. Culver played a key role in securing DCI’s custody license and will provide financing for the acquisition.
FTX Aims to Repay Creditors
FTX intends to repay all its creditors and has been actively seeking to divest some of its subsidiaries. The exchange has also sought approval to sell its stake in AI startup Anthropic Holdings and its claim against Genesis Global Capital.
Sale Reflects FTX’s Restructuring Efforts
The sale of Digital Custody at a reduced price reflects FTX’s efforts to address its financial obligations amid bankruptcy. FTX remains committed to resolving its debts and finding solutions for its remaining assets.
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