Cryptocurrency exchange FTX, has filed a formal request for authorization to sell its subsidiary Digital Custody Inc (DCI). The company's legal representatives have filed the necessary documents with the court.
Digital Custody, a service that FTX acquired in August 2022 in two separate transactions totaling $10 million, was supposed to offer specialized services for FTX.US and LedgerX. Unfortunately, Digital Custody's integration into the bankrupt crypto giant's operations was delayed, resulting in the exchange filing for bankruptcy three months after the acquisition.
Now FTX wants to sell Digital Custody to CoinList for $500,000, with former CEO Teren Culver providing the financing. Lawyers representing FTX argue that the failure to relaunch FTX US has made DCI's ownership less valuable. After evaluating offers from multiple parties, Culver and #CoinList were selected as the most suitable candidate to acquire the subsidiary.
Importantly, in February 2024, FTX also filed a motion to sell its 7.84% stake in artificial intelligence startup #Anthropic. The company asked for the petition to be expedited.
In December 2023, it was revealed that Anthropic plans to raise another $750 million, valuing the startup at $18.4 billion. Thus, FTX's stake in Anthropic could potentially exceed $1 billion.
FTX has decided not to relaunch its platform and will go through a liquidation process to ensure its customers get their money back.
