Cryptocurrency exchange FTX beats Binance to acquire Voyager digital assets
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Answer Cryptocurrency exchange FTX beats Binance to acquire Voyager digital assets
According to the latest development, cryptocurrency exchange FTX US has finally won its bid against other players for the assets of bankrupt crypto lender Voyager Digital.
FTX was in a tough race with crypto exchange Binance as the latter came very close to winning.
According to a Voyager Digital statement on Monday, September 26, the agreement is valued at approximately $1.4 billion.
This includes $1.3 billion in the value of all cryptocurrencies that Voyager Digital holds as well as $110 million in additional considerations.
With the bankruptcy process over, Voyager Digital customers will be able to transfer their cryptocurrency to the US FTX platform.
Voyager Digital told Voyager that it will bring the purchase agreement to court next month on October 19.Read:Bitcoin drops below $30,000 level, total market cap still under $1.3 trillion
As the cryptocurrency market is facing major turmoil this year, FTX President Sam Bannkman-Fried has decided to acquire some of the good crypto companies in the market.
According to the sources, FTX is looking to raise an additional $1 billion in funds for the purpose of acquiring more crypto companies.
The Fall of Voyager Digital and Cryptocurrency Trading Firms:
By the end of March 2022, Voyager Digital had a total of 3.5 million users and approximately 1.19 million funded accounts.
Voyager Digital’s problem began with the collapse of the Terra ecosystem that led to the massive downfall of the hedge fund Three Arrows Capital.
Voyager Digital’s exposure to Three Arrows Capital coupled with heavy withdrawals led to the downfall of the crypto lender.
In July, Voyager Digital finally filed for Chapter 11 bankruptcy.
Prior to this, Alameda Research, a trading company of FTX, attempted to acquire Voyager with a revolving line of credit, however the deal failed.
Later, FTX and Alameda Research also submitted a joint bid to buy Voyager, but the acquisition efforts were also unsuccessful.Read:Robin Hood Founder, Elon Musk and Doge Co-Founder Discuss DogeCoin Development
Earlier in September, Alameda promised to return $200 million worth of Bitcoin and Ethereum they borrowed from Voyager.
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