FTX Leader In List Of Firms To Buy Crypto Lender Voyager

Twitter icon  •  Published há 1 ano  •  Nikolas Sargeant

FTX appears to be in the lead to purchase crypto lender Voyager, as the company struggles to deal with bankruptcy amidst the persistent bear market

FTX appears to be in the lead to purchase crypto lender Voyager, as the company struggles to deal with bankruptcy amidst the persistent bear market. The company has been in the headlines recently, as Voyager collapsed due to the struggling crypto markets. 

There has been a lot of back and forth between crypto lender Voyager and Sam Bankman-Fried’s FTX exchange, but it seems Voyager is now close to finding a buyer. 

What Has Been Said?

The rising star in the cryptocurrency exchange space, FTX, is said to be in the lead in buying the assets of Voyager Digital. The cryptocurrency lender has been struggling with a bankruptcy filing, having felt the pressure of the 2022 industry crisis. 

While nothing is certain, as higher offers could still come in during the coming weeks, FTX is the frontrunner to take over, according to a person familiar with the situation. The same person reported that an auction took place this week through bankruptcy court for Voyager’s assets. At the last moment, it was a battle between the billionaire CEO of the FTX exchange and Wave Financial, a digital investment firm. 

It’s said that FTX’s bid was higher than Wave Financial’s, though it’s unclear how much FTX had bid. The takeover acquisition was well documented last month, probably why this news hasn’t come directly from any FTX representatives. 

A Drawn-Out Process For FTX

Leading cryptocurrency platforms FTX and Binance were tussling to acquire Voyager during the summer. FTX made an offer for Voyager in July, which was immediately and publicly rejected, with a Voyager representative stating that it was a “low-ball bid.”

Wave Capital is a new bidder and not one that is strictly associated with the crypto industry. If FTX can secure the deal, it will feel like a big win for the company, having been publicly rejected just months ago. It will also be a win for the cryptocurrency industry, as it will end a complicated and tiresome deal for Voyager—notably for Voyager customers, who have sat in Limbo for some time. 

Customers had to endure difficult times back in July when Voyager declared it was an issue following crypto prices sinking once again. Customer withdrawals were blocked, and clients became company creditors in bankruptcy court as they began an arduous process to get their funds back. 

Voyager’s situation differs from that of a traditional bank, as the company’s failure didn’t trigger government-backed deposit insurance, much to the surprise of Voyager users. A purchase wouldn’t end Voyager’s Chapter 11 case in U.S. bankruptcy law. But, it would give freedom to sell assets, allowing the company to maximize funds to return to their creditors. 

Author

Nikolas Sargeant

Nik is a content and public relations specialist with an ever-growing interest in Crypto. He has been published on several leading Crypto and blockchain based news sites. He is currently based in Spain, but hails from the Pacific Northwest in the US.