FTX Wins Bidding War Against Binance for Voyager Assets
FTX US submitted a bid reportedly worth $1.4 billion for bankrupt crypto lender Voyager Digital’s assets, besting rival crypto exchange Binance.
FTX Beats Binance With $1.4B Big for Voyager
Cryptocurrency lender Voyager Digital filed for bankruptcy in July 2022 after the crypto winter left it with liabilities of $4.9 billion. In a competitive auction which saw multiple bids for their assets, FTX US won with a bid valued at $1.4 billion, beating out rival exchange Binance.
Voyager said the FTX bid maximizes value for their customers and these customers can trade their assets on FTX, after the bankruptcy proceedings are closed. It was reported earlier that Binance and FTX had submitted leading bids in the region of $50 million for the distressed crypto lender.
Last week, it was reported that Binance’s bid was thought to be slightly higher than other bidders after the auction began on Sept. 13. However it seems that FTX submitted an improved bid which was accepted. Both FTX and Binance are aggressively trying to acquire distressed assets of bankrupt crypto firms during the current bear market.
Voyager Digital’s cryptocurrency customers will shift to new accounts at FTX, and the exchange stands to gain nearly 2 million new customers as a result. The winning bid is subject to approval from the U.S. Bankruptcy Court for the Southern District of New York on Oct. 19.