Follow Us

FTX Scoops Up Bankrupt Voyager at Discount Price  

Share on facebook
Share on twitter
Share on linkedin

Share

FTX
Share on facebook
Share on twitter
Share on linkedin
  • FTX will acquire Voyager at a price of $51,000,000
  • Sam Bankman-Fried, beat out Binance in the bidding war
  • Voyager users who make the journey into FTX will receive a correlative amount

After reportedly making an offer earlier this week to acquire Voyager Digital, a troubled crypto broker, the cryptocurrency exchange giant FTX is reportedly buying the company at a lower price.

CNBC recently reported that FTX won the auction to acquire Voyager with a bid of $1.42 billion, but the digital asset exchange will only receive $51 million in cash for the crypto lending platform’s assets, intellectual property, and user base.

FTX is poised to continue its investment spree 

In a bidding war for the bankrupt cryptocurrency company, FTX, led by billionaire CEO Sam Bankman-Fried, beat out Binance, the world’s largest crypto exchange platform by volume.

According to the report, Voyager’s digital asset holdings, which are valued at approximately $1.3 billion and will be distributed proportionally to creditors, accounted for the majority of FTX’s offer.

According to the report, $60 million will also be spent to award $50 to each user who successfully switches to FTX. Additionally, based on their holdings, Voyager users who move into FTX will receive a proportionate amount of Voyager’s virtual assets.

Bankman-Fried had previously stated that the intention of attempting to acquire Voyager was to revive the business and offer relief to customers without putting them in danger.

The bid from FTX, which would also transfer all of Voyager’s loan balances to the cryptocurrency exchange but not the loan from Three Arrows Capital (3AC), a crypto broker that owes the digital asset lender approximately $670 million, is still awaiting approval.

Bankman-Fried stated earlier this month that FTX had approximately $1 billion left in its funds to continue its investment spree.Earlier this week, reports suggested that Celsius, a bankrupt crypto lending company, might be a target for FTX.

ALSO READ: Cybercriminal Group Suspected For Laundering $5.6 Billion arrested in China

Voyager to return value to their customers

After making a bid of more than $1 billion, the US division of the crypto exchange giant FTX is set to acquire the assets of Voyager Digital, a failing crypto lender.

A brand-new press release claims that Voyager, which is auctioning its remaining assets as part of a reorganization strategy, has successfully concluded an auction in which FTX.US agreed to purchase its assets for an astounding $1.42 billion.

The fair market value of all Voyager’s digital assets at a future date that has not yet been determined is included in FTX.US’s bid, along with other considerations.

The crypto assets of Voyager are currently valued at $1.31 billion, according to estimates.

According to the press release, Voyager’s acquisition is a means of returning value to their customers and other creditors after declaring bankruptcy.

Steve Anderrson
Latest posts by Steve Anderrson (see all)

Download our App for getting faster updates at your fingertips.

en_badge_web_generic.b07819ff-300x116-1

We Recommend

Top Rated Cryptocurrency Exchange

Welcome Back!

Login to your account below

Retrieve your password

Please enter your username or email address to reset your password.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
-
00:00
00:00
Update Required Flash plugin
-
00:00
00:00