Binance resumes bidding for Lender Voyager bankruptcy after FTX collapse


Binance will relaunch its bid to acquire Voyager Digital, a bankrupt crypto lending platform, said a person familiar with the matter. CoinDesk.

Voyager reopened bids for the acquisition after its $1.4 billion deal with FTX US fell through due to FTX’s bankruptcy.

Binance, the largest crypto exchange by trading volume, attempted to acquire Voyager in an auction in September. However, FTX US, a subsidiary of the FTX exchange, has a larger offering than Binance.

Binance is not the only company interested in acquiring Voyager. Earlier today, Voyager chirp They are in Active Discussions with Several Alternative Bidders.

In addition to Binance, financial services company Wave Financial and cryptocurrency exchange Cross Tower are also It said Interested in purchasing the bankrupt lending platform.

Earlier, Voyager Digital released the press release saying they are in active discussion with several potential buyers. They said they are working on a reorganization plan with “The primary objective “of” is to “maximize value returned to customers and other creditors”.

Voyager’s native VGX token jumped 50% after news of the Binance acquisition broke. The token is currently trading at 0.41 USDup nearly 50% over the past 24 hours.

Binance Cryptocurrency Recovery Fund

After the collapse of FTX, Binance CEO Changpeng Zhao (CZ) announce Forming a cryptocurrency recovery fund to help affected crypto projects.

"To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis," CZ wrote in a tweet. He also invited other industry players to contribute to the fund.

Voyager Collapse and Three Capital Stocks

Voyager Digital’s troubles began with the collapse of Singapore-based crypto hedge fund Three Arrows Capital (3AC). The $10 billion hedge fund was hired full of dangers Trading Strategies One of the victims was the falling prices of cryptocurrencies. The fund failed to meet the margin call and collapsed.

Subsequently, Voyager Digital revealed that it had a $661 million exposure to 3AC, which threatened to wipe out the company. In July, Voyager filed for bankruptcy and opened bids for the acquisition.

Binance and FTX submitted their bids to acquire Voyager Digital after the collapse of 3AC. In the end, FTX secured a $1.4 billion deal. However, FTX itself would go down a few months later, before closing the deal.

Voyager Digital is one of the dominoes that has fallen due to heavy influence in the crypto markets, along with 3AC and Terra-Luna. If Voyager crashes, other crypto projects will be affected.





Source link

Related Posts

Precaliga