lydian-logo
bitcoin

Bitcoin (BTC)

Price
$ 68,378.32
ethereum

Ethereum (ETH)

Price
$ 3,807.02
cardano

Cardano (ADA)

Price
$ 0.450886
xrp

XRP (XRP)

Price
$ 0.520833
litecoin

Litecoin (LTC)

Price
$ 84.07
stellar

Stellar (XLM)

Price
$ 0.10643

CrossTower revises new offering for Voyager's assets following FTX bankruptcy

Published on

January 14, 2023
Read Time:2 Minute, 13 Second

Crypto alternate CrossTower is engaged on a revised providing for the property of bankrupt crypto lender Voyager Digital, a spokesperson advised Cointelegraph. Traveller announced the resumption of the bidding course of after FTX US, the unique winner of the bid, filed for chapter in america on November 11.

“We're engaged on a revised providing that we consider will profit Voyager prospects and the broader crypto group. CrossTower has at all times been, and can proceed to be, very community-driven," the spokesperson stated, with out disclosing an quantity.

In keeping with Voyager, FTX US secured the roughly $1.4 billion bid for the property in September. The sale of property can be accomplished pursuant to a Chapter 11 plan and an asset buy settlement accredited by the US Chapter Court docket for the Southern District of New York.

Within the assertion launched Nov. 11, Voyager stated that "the no-shop provisions of the asset buy settlement between Voyager and FTX US are now not binding. Lively discussions with different bidders are ongoing."

In keeping with the CrossTower spokesman, the corporate just isn't presently conscious of any additional participation within the bidding course of.

"We aren't conscious of every other curiosity presently, however at the same time as different gamers enter the ring, CrossTower's precedence is to make sure the very best pursuits of Voyager prospects and the broader crypto group."

As beforehand reported by Cointelegraph, Binance and CrossTower, together with FTX, submitted bids to accumulate Voyager's property, every proposing their very own phrases.

CrossTower proposed retaining the prevailing Voyager platform and app, which suggests prospects haven't got to modify platforms as soon as the deal is closed. Below this plan, prospects would additionally obtain their prorated share of the property. Moreover, CrossTower's acquisition plan requires the alternate to share its earnings with Voyager's prospects for a number of years.

Though the brand new tender phrases are unconfirmed, CrossTower's spokesperson recommended {that a} comparable proposal is within the pipeline:

“Voyager has an extremely loyal and devoted buyer base and a wholesome enterprise. We consider it may be constructed on high of Voyager.”

Within the assertion on the providing, Voyager additionally confirmed its publicity to the FTX collapse with “about $3 million in steadiness on FTX basically consisting of blocked LUNA2 and blocked SRM which it couldn't withdraw as they have been blocked stay and are topic to switch schedules."

Voyager additionally claimed that it didn't switch any property to FTX in reference to the sale settlement. FTX US beforehand submitted a superb religion deposit of $5 million as a part of the public sale course of, which will probably be held in escrow.

Source link

Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %
Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 14, 2023
Top crossmenumenu-circle