UAE’s crypto company is considering bidding for FTX’s payment business once the court approves sales.

Abu Dhabi-licensed crypto payment firm Hayvn has disclosed an interest in formally bidding for one of the digital asset businesses operating under Sam Bankman-Fried’s FTX empire, which declared bankruptcy on November 11th.

Havyn Eye FTX Payment Business as a “Bolt-on”

Hayvn’s CEO Christopher Flinos said on Friday they are open to discussing the potential acquisition of FTX Pay, the crypto payment arm of the bankrupt exchange, as soon as FTX gets the court’s approval to proceed with sales. According to Flinos, FTX Pay could be a bolt-on for Hayvn’s existing payment infrastructure.

“We are pleased to learn that some of the FTX business have solvent balance-sheets, responsible management, and valuable franchises,” Flinos added. “We are open to a discussion with their bankers Perella Weinberg as soon as they have the court’s approval to proceed.”

When FTX filed for bankruptcy, about 130 affiliated companies were also included in the application. Upon inspection, however, the present chief executive officer of FTX, John Ray, admitted in a court filing on November 19th that many subsidiaries of the exchange had solvent balances and responsible management.

Subject to approval, Ray further noted that they will “explore sales, recapitalisations or other strategic transactions with respect to these subsidiaries, and others that we identify as our work continues.” However, no specific date has been revealed for the auction.

First FTX’s Hearing on December

In other news, FTX is scheduled to have its first hearing in the bankruptcy case with the Senate Committee on Agriculture, Nutrition, and Forestry on December 1st. Therein shall hold discussions on the events that resulted in the fallout of FTX, which operated the third-largest digital currency exchange just a month ago.

As several financial regulators begin to enforce more regulatory actions amid the series of insolvency cases in cryptocurrency this year, the outcome of the FTX’s hearings might also result in more stringent crypto rules in the United States.