Binance, FTX Enter Tug-of-Struggle for Crypto Lender Voyager’s Belongings

Binance, FTX Enter Tug-of-Struggle for Crypto Lender Voyager’s Belongings

Voyager, the crypto lending platform that declared chapter earlier this 12 months, is analysing buy-out presents for its property from different gamers within the crypto sector. At current, crypto exchanges Binance and FTX are standing neck-and-neck to outbid one another and bag the worthy stays from Voyager’s enterprise. The value level round which the biddings are revolving, stands at $50 million (roughly Rs. 400 crore). On the time of writing, the bid by crypto change Binance was reportedly slightly greater than that of rival FTX, whereas the precise figures are unknown.

New Jersey-based Voyager Digital that reached a $3.74 billion (roughly Rs. 29,791 crore) market cap final 12 months, slipped down the enterprise ladder following the collapse of three Arrows Capital (3AC). This dealt a serious blow to Voyager, which was closely uncovered to the hedge fund. The now bankrupt firm has filed claims of greater than $650 million (roughly Rs. 5,194 crore) towards 3AC.

An public sale for Voyager’s property was lately held in New York Metropolis. The ultimate outcomes shall be introduced round September 29. Nonetheless, the announcement may very well be revealed later, Coindesk reported.

Neither Binance nor FTX have commented on their bids.

Again in July, Voyager Digital had categorically rejected a buyout supply from FTX and its subsidiary Alameda Analysis, calling it a ‘low-ball bid’.

On the time, Voyager had stated it could entertain “any critical proposal” made below its bidding procedures, whereas the joint supply from Bankman-Fried’s corporations “was designed to generate publicity” reasonably than present worth to prospects, they added.

A number of crypto corporations have confronted challenges this 12 months. Buyers within the crypto sector have pulled out, owing to recession-like financial local weather and low-risk urge for food.

Crypto lenders Celsius Community, BlockFi, and Vauld additionally met with fates just like Voyager’s, from pausing withdrawals to declaring chapter.

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