Crypto Exchange Giants Binance and FTX in Bidding War Over Bankrupt Lender Voyager: Report
Two of the world’s main crypto exchanges have reportedly submitted their bids to amass the belongings of embattled crypto lender Voyager Digital.
Citing individuals aware of the matter, The Wall Avenue Journal reports that Binance is keen to pay about $50 million to take over Voyager’s properties, which is barely larger than what FTX bid for.
Voyager is auctioning the rest of its belongings as a part of a restructuring plan after it filed for chapter on account of the bear market. Its monetary woes worsened when crypto hedge fund Three Arrows Capital (3AC), certainly one of its largest debtors, defaulted on a $650 million mortgage.
As Voyager undergoes chapter processes, FTX laid down a proposal in July that may give Voyager clients an choice to money out early with out ready for the conclusion of the proceedings.
The change’s CEO, Sam Bankman-Fried, says his agency’s proposal provides a greater choice for Voyager to cope with insolvency.
“The aim of our joint proposal is to assist set up a greater technique to resolve an bancrupt crypto enterprise – a method that enables clients to acquire early liquidity and reclaim a portion of their belongings with out forcing them to take a position on chapter outcomes and take one-sided dangers.”
Voyager finally refused FTX’s buyout provide, saying that the proposal was a “low-ball” bid that didn’t provide the most effective worth for purchasers.
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