FTX, a bankrupt crypto exchange, selects Galaxy to handle its digital assets.

(Reuters) – Bankrupt crypto exchange FTX has hired U.S. crypto firm Galaxy as an advisor to help hedge and sell⁢ its ⁤crypto holdings, according to court filings made late on Wednesday.

Hedging of bitcoin and ether will provide a means to lessen FTX’s exposure to adverse price movements before⁤ their sale, the filing said.

Galaxy, owned‍ by billionaire investor Mike Novogratz, will also help “stake” FTX’s⁤ crypto, a process where crypto is lent to validate blockchain transactions, earning interest in the‍ process.

“Galaxy⁤ Asset Management has ⁢extensive experience in‍ areas relevant to digital​ asset management and trading,⁣ including with respect to the types of transactions‍ and investment objectives contemplated,” the⁢ filing ​said, referring ⁢to the⁤ investment advisory arm of Galaxy.

FTX filed for bankruptcy in November 2022 in the wake of claims that⁢ the company misused and lost billions ‌of dollars worth of ‍customers’ crypto deposits.

FTX⁣ attorney Brian Glueckstein said on Wednesday at a court hearing in Wilmington, Delaware, that FTX remains‍ on track to conclude its bankruptcy⁤ in the second quarter of 2024, resisting a call for expedited ⁢mediation from the court-appointed committee that represents FTX creditors.

(Reporting by Shivani Tanna in Bengaluru; Editing by Janane Venkatraman)

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