FTX, Binance and CrossTower are competing to buy Voyager Digital assets: Source

2 months ago 34

FTX and Binance reportedly question to modulation existing Voyager customers to their platforms whereas CrossTower has projected to support the existing Voyager level and app.

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Cryptocurrency exchanges FTX, Binance and CrossTower are competing to get beleaguered crypto lender Voyager Digital’s assets retired of bankruptcy, according to insider sources. 

According to details published by erstwhile concern banker and angel capitalist Simon Dixon, the 3 exchanges are competing successful an auction to get Voyager Digital, and person each projected their ain presumption and conditions for the acquisition. The details, which were besides posted to Reddit, suggested that FTX and Binance person each projected astir $50 cardinal successful currency for Voyager’s assets, though Binance’s dollar magnitude is higher. The currency magnitude would spell toward “deficiency and different claims,” the root said.

IF THEY WANT YOU TO TAKE THE HIT PUSH FOR EQUITY TO FILL THE HOLE: https://t.co/ThslVDktYY - LATEST ON @investvoyager - 3 Bidders Compete successful Voyager Digital Auction With Different Approaches to Platform, Upside, Cash Consideration

— Simon Dixon (Beware Impersonators) (@SimonDixonTwitt) September 22, 2022

Under these plans, existent Voyager customers would person their pro rata stock of crypto assets and afloat modulation to the FTX and Binance platforms.

On the different hand, CrossTower has projected keeping the existing Voyager level and app, which means existing customers bash not request to modulation to a caller level erstwhile the woody is finalized. Under this plan, customers would besides person their pro rata shares of assets. CrossTower's acquisition program would besides spot the speech stock its gross with Voyager customers for respective years.

The sources that spoke with Dixon besides revealed that regularisation could play a important relation successful who wins the auction arsenic the United Kingdom’s Financial Conduct Authority, oregon FCA, precocious warned FTX astir operating without authorization. Meanwhile, successful the United States, the Committee connected Foreign Investment whitethorn beryllium acrophobic astir allowing Binance to get Voyager owed to nationalist information risks. 

Related: Voyager Digital assets auction acceptable for Sept. 13 aft being rescheduled from August

Voyager Digital filed for Chapter 11 bankruptcy successful July, joining a increasing database of centralized concern firms to implode during the carnivore market. At the time, Voyager explained that the Chapter 11 filing was portion of a reorganization program that would yet pave the mode for clients to beryllium capable to reaccess their accounts.

This communicative is inactive successful development. 

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