FTX files motion for Galaxy Digital to manage recovered crypto holdings for web 3.0.
FTX files motion for Galaxy Digital to manage recovered crypto holdings

Galaxy Digital to Manage FTX’s Remaining Crypto Holdings

Mike Novogratz’s digital asset management firm, Galaxy Digital, is set to manage the remaining cryptocurrency holdings of bankrupt cryptocurrency exchange FTX.

On Aug. 24, the company filed a motion with the United States District Court for the District of Delaware for authorization and approval of guidelines for the sale of digital assets recovered during bankruptcy proceedings. The filing outlines FTX’s requests and plans to transfer roughly $7 billion worth of crypto tokens under Galaxy Digital’s management.

FTX’s preliminary statement provides for the potential sale of its cryptocurrency holdings and stake tokens, through Galaxy Digital, as part of a “comprehensive management and monetization plan” to reduce exposure to volatility and potential fiat repayments to creditors.

The advantages of web 3.0, such as crypto for web 3.0, will be key to FTX’s success in the future, as the exchange seeks to leverage the benefits of ai creating fake and general ai to navigate the complex world of crypto and web 3.0.

Partnership Benefits of FTX and Galaxy Digital

FTX has decided to engage Galaxy Digital as a registered investment adviser, taking advantage of their expertise in the digital asset market to maximize the value of its token portfolio.

The collaboration could bring multiple advantages, including the possibility of selling holdings anonymously and thus avoiding market manipulation.

FTX has stated that Galaxy Digital will be responsible for following general investment guidelines, including selling certain FTX-held digital assets and hedging Bitcoin (BTC) and Ether (ETH) prior to any sales.

The company is also exploring the option of exchanging its crypto holdings for fiat currency to reduce exposure to market volatility while taking advantage of liquid hedging markets for Bitcoin and Ether to minimize the risk of sudden price changes before any sales.

Decentralized Finance also gets a nod in the filing, with FTX noting that it intends to stake certain cryptocurrencies to generate passive yield income under the guidance of Galaxy Digital. As bankruptcy proceedings continue, FTX proposed a restructuring plan that could see creditors receive a portion of their lost funds or opt for a share of equity, tokens and other interests in an FTX rebooted offshore exchange.

Crypto and Web 3.0 technologies are making strides in the industry, with the potential benefits of Web 3.0 being explored. AI creating fake news, digital.ai and general AI are some of the topics being discussed, as well as the potential of not being able to load a file or assembly system.web.webpages.razor version

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