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- INX announced its bid to purchase Voyager’s digital assets. Deal price wasn’t revealed.
- In September, FTX beat its rival exchange Binance and digital asset investment firm Wave Financial to purchase Voyagers assets.
- As crypto prices went down by more than 70%, Voyager faced losses, including Stablecoin and Terra.
In July 2022, a United States based cryptocurrency lender Voyager Digital Ltd., announced bankruptcy after freezing its users’ deposits which led to a huge loss to the company. In May 2022, after the fall of popular crypto tokens like Luna and Terra USD, the investors came under scrutiny after their prices fell sharply.
Voyager is a firm that can provide a platform “to bring choice, transparency, and cost-efficiency” to the marketplace. In addition, it offers a safe and secure way to trade more than 100 types of digital assets via its simple mobile application.
According to The Coin Republic, in October 2017, Sam Bankman-Fried, the co-founder and ex-CEO of now-defunct crypto exchange FTX, founded a new platform to manage assets called Alameda Research. In mid-July, Voyager Digital refused to accept the proposal from crypto exchange firms FTX and Alameda calling it ‘low-ball.’ In mid-August 2022, Binance and FTX offered a huge amount of bids that cost up to $50 million (USD) to Voyager.
At the end of September 2022, FTX won a $1.4 billion (USD) bid to purchase Voyager’s assets. But the sudden downfall of FTX on November 11 led to Voyager’s funds is again up for sale – for the second time. On November 30, the trading platform, INX, submitted a bid to buy the undisclosed Voyager digital assets that filed for bankruptcy in July. Binance was also in the bidding war.
Shy Datika, CEO of INX, stated, “Our bid is a strategic next step in executing INX’s vision to democratize finance and reshape existing paradigms in the market by leveraging the power and versatility of its regulated trading platform.” Voyager stated that “the entity successfully recalled loans from Alameda Research for 6,500 bitcoin and 50,000 ethereum.”
About INX
According to the official website, INX Digital Company, Inc., was recorded as the first SEC-registered digital-security IPO in 2021 with $83.6 million (USD) in gross proceeds from nearly 7,200 investors. In 2022 more than 92.9 million INX tokens were sold in the IPO.
“We believe that INX can offer the right combination of credibility, technology, and unique regulatory positioning to protect Voyager customers and creditor interests giving them the stability they are looking for,” Shy Datika stated.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
