LedgerX: The company will soon be completely independent from FTX US, with cash reserves sufficient for at least one year

ChainCatcher news, the CEO of the encrypted derivatives trading platform FTX US Derivatives (formerly LedgerX, renamed after being acquired by FTX US last year) Zach Dexter shared a letter from LedgerX LLC to its clients on Twitter. The letter stated: "The customer assets held by LedgerX are safe, with USD-denominated customer assets stored in LedgerX's customer funds' U.S. bank accounts, separate from proprietary/company cash. Cryptocurrency customer assets are stored in LedgerX LLC accounts at BitGo and BitGo Trust, with most assets stored in cold wallets at BitGo Trust."

Additionally, Zach Dexter stated that LedgerX holds a substantial operational cash reserve, sufficient to support normal operations for at least a year. Furthermore, the letter clarified the platform's relationship with FTX, "Our technological infrastructure is almost completely separate from FTX and will soon be fully independent. It is worth noting that the ultimate parent company of LedgerX LLC is West Realm Shires Inc., not a company associated with FTX Trading Ltd (a.k.a. FTX.com)." (source link)