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FTX, Binance and CrossTower compete to buy assets from Voyager Digital: source

Published on

January 28, 2023
Read Time:1 Minute, 54 Second

In line with inside sources, cryptocurrency exchanges FTX, Binance and CrossTower are competing to accumulate struggling crypto lender Voyager Digital's belongings out of chapter.

In line with former funding banker and angel investor Simon Dixon, the three exchanges are competing in an public sale to accumulate Voyager Digital and have every proposed their very own phrases for the acquisition. The main points that have been too Posted to Reddit, advised that FTX and Binance have every proposed about $50 million in money for Voyager's belongings, though Binance's greenback quantity is larger. The money quantity could be used for "defects and different claims," ​​the supply mentioned.

IF YOU WANT TO TAKE THE HIT, PRESS EQUITY TO FILL THE HOLE: https://t.co/ThslVDktYY - LAST ON @investvoyager - 3 bidders compete within the Voyager digital public sale with totally different approaches by way of platform, advantages and consideration

— Simon Dixon (beware impersonators) (@SimonDixonTwitt) 09/22/2022

Underneath these plans, present Voyager clients would obtain their prorated share of crypto belongings and absolutely transition to the FTX and Binance platforms.

However, CrossTower has proposed holding the prevailing Voyager platform and app, which means present clients will not have to maneuver to a brand new platform as soon as the deal closes. Underneath this plan, clients would additionally obtain their professional rata share of belongings. CrossTower's acquisition plan would additionally see the alternate sharing its earnings with Voyager clients for a number of years.

The sources who spoke to Dixon additionally revealed that regulation may play a significant function in who wins the public sale, as Britain's Monetary Conduct Authority (FCA) just lately warned FTX in opposition to working with out a allow. In the USA, the Committee on International Investments could have issues about permitting Binance to accumulate Voyager as a result of nationwide safety dangers.

Associated: Voyager digital asset public sale is ready for September 13 after being postponed from August

Voyager Digital filed for Chapter 11 chapter in July, becoming a member of a rising checklist of centralized finance firms imploding in the course of the bear market. On the time, Voyager acknowledged that the Chapter 11 submitting was a part of a reorganization plan that will finally pave the best way for patrons to regain entry to their accounts.

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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 28, 2023
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