FTX, Binance, and CrossTower Compete to Acquire Voyager Digital’s Assets

FTX, Binance, and CrossTower Vie for Voyager Digital’s Assets

Cryptocurrency exchanges FTX, Binance, and CrossTower are engaged in a competitive auction to acquire the assets of troubled crypto lender Voyager Digital. According to insider sources, the three platforms have submitted their own terms and conditions for the acquisition.

Details of the Bids

FTX and Binance have reportedly offered approximately $50 million in cash for Voyager’s assets, with Binance’s offer being slightly higher. The cash would primarily address “deficiency and other claims” related to the acquisition. CrossTower’s bid details have not been fully disclosed, but it is understood to include additional terms beyond cash.

Strategic Importance of the Acquisition

The acquisition of Voyager Digital’s assets is seen as a strategic move by these exchanges to expand their market presence and strengthen their positions in the crypto lending and trading space. The deal could also provide stability to Voyager’s customers and creditors, who have been impacted by the company’s bankruptcy.

This high-stakes competition highlights the ongoing consolidation in the cryptocurrency industry, as major players seek to capitalize on opportunities arising from distressed assets.