The purchase auction for Voyager Digital has concluded, with FTX gaining the winning offer, according to public reports during the last few hours. In recent weeks, it was said that the flagship exchange was competing with Binance and CrossTower for Voyager’s assets, with all three reportedly proposing distinctive packages in the last round of bidding.
FTX has long pursued a model of expansion via acquisition, with varied outcomes. Currently, the company is in the midst of acquiring CeFi crypto lender BlockFi, which wants to escape the same fate as rival Celsius. While Binance and the lesser-known exchange CrossTower were said to be in the running, it was FTX that submitted the most enticing offer, despite claims that Binance’s proposal contained a substantial cash payment.
In the days leading up to the deal’s closing, rumours circulated that FTX would pay $50 million in cash and that the company wanted existing Voyager customers to be transferred to the FTX platform, where they could claim a proportional share of the coins the debtors possess from their existing Voyager accounts. The unknown is if and how this will transpire. According to the news announcement, the value of FTX’s winning offer is around $1.4 billion.
The closure of the transaction will enable FTX to conclude its purchase of Voyager’s assets, although the timetable for these procedures remains unclear. Voyager may now proceed with its Chapter 11 petition and attempt to reconcile debts and former customers to some extent – but not entirely. Nonetheless, all of Voyager’s assets and client accounts will be transferred to FTX.
The move is likely seen as a success for FTX, which filed a bid for Voyager Digital in July without success.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.