Figure Markets Launches New FTX Claims Trading Platform
Figure Markets has launched a new trading platform specifically for FTX claims, aimed at providing liquidity and opportunity for creditors and investors alike.
This new marketplace is expected to make it easier for everyone to get their financial recovery from the FTX bankruptcy, no matter the size of the claim.
New FTX Claims Trading Platform
Figure Markets is introducing a system where bids, offers and trades are open for all to see, hence allowing the FTX creditors and potential investors to have a clue on how the market works. The platform provides for the trade of all types of FTX claims such as Class 5, Class 7A, and Class 7B.
Figure Markets News: Figure Markets @FigureMarkets launches a market for @FTX_Official claims.
“This marketplace is about democratizing access to all, regardless of claim size or investment goals. We believe everyone deserves the opportunity to manage their assets as they see… https://t.co/Mi08niYgpZ
— MartyParty (@martypartymusic) June 11, 2024
Recently, Mike Cagney, the Co-Founder and CEO of Figure Markets, said that this is part of a larger plan to help those who suffered from the FTX disaster and especially people with minor claims.
”Our new market for FTX claims will enable them to get their funds back quicker,” Cagney said. “We are also providing more transparency to the market, which aids buyers and sellers with better liquidity.”
Sellers of FTX claims can estimate the value of their claim, go through the verification process, get a bid, and conclude the sale within a few business days with the received funds in USDC. This method can be characterized as rather fast and quite the opposite to the regular, often rather slow, and not very transparent ways of the estate division. Over $4 billion worth of claims have been traded, yet this represents only 0.2% of the total customer claims, suggesting a significant market yet to be tapped.
FTX’s Financial Reorganization and IRS Settlement
Concurrently, FTX has come to the preliminary decision to resolve a $24 billion claim with the United States Internal Revenue Service, although this agreement also requires the approval of the court. As per the proposed settlement FTX would pay $200 million as priority tax claim and $685 million as subordinated claim.
This is widely considered a business decision that was made in order to mitigate the legal threats and further bring more clarity to the whole process of claims recovery for both the creditors and customers. The plan proposed by FTX to reorganize the company in order to meet all the valid creditor’s claims in full implies that claims of up to $50,000 would be reimbursed at a rate of 118%, which would encompass almost 98% of all the creditors.
This plan shows that FTX continues to mitigate the consequences of previous managerial problems and work towards building a credible organization. The success of this reorganization plan is crucial for the settlement of one of the biggest financial cases in the history of cryptocurrency. If approved, it would be a big step towards addressing the claims of the affected parties and rebuilding confidence in the financial management of digital currencies.
Read Also: Ethereum ETF Update Key Week Ahead for SEC Comments on S-1 Filings
The post Figure Markets Launches New FTX Claims Trading Platform appeared first on CoinGape.