• FTX and Voyager Digital agree on takeover before bankruptcy
• Voyager resumes bidding process
• Binance and Wave Financial again among the interested parties
FTX bankruptcy depresses crypto market sentiment
The shock of the bankruptcy of the crypto exchange FTX and the resulting price crash of Bitcoin & Co. is still deep in the bones of fans of digital currencies. At the beginning of November, Changpeng “CZ” Zhao, founder of competitor Binance, announced that he wanted to take over the ailing service, but the cancellation followed shortly afterwards. The problems that Sam Bankman-Fried’s trading platform entails are too extensive, as stated in a statement. Shortly thereafter, FTX filed for bankruptcy in the United States.
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FTX and Voyager Digital agree to take over billions
At the end of September, less than two months before bankruptcy, FTX bought the struggling crypto lending service Voyager Digital for $1.422 billion, according to an announcement by the acquired company. The provider only stopped all payouts in July due to liquidity problems before filing for bankruptcy a few days later. “FTX US’ offering maximizes value and minimizes the time remaining in the company’s restructuring by providing debtors with a clear path forward,” Voyager wrote of the acquisition. Bankman-Fried thus prevailed in the bidding war against rivals Binance and Wave Financial.
Voyager takeover called off after FTX collapse
However, with the Bankman-Fried and FTX scandals that have come to light, the situation suddenly looks very different. As Voyager Digital explained in a further announcement in mid-November, the deal with FTX is no longer binding after filing for bankruptcy. It was emphasized that no assets had been transferred to FTX so far. Although Bankman-Fried’s company paid $5 million in advance, this amount will be held in trust. In addition, loans from Alameda Research, the FTX CEO’s trading firm, in the amount of 6,500 Bitcoin and 50,000 Ether were recalled and “there are no outstanding loans from any borrower”.
bidding process resumed
With the forced exit from FTX, Voyager Digital is up for sale again. “As a result, Voyager has resumed the bidding process for the Company and is in active discussions with alternative bidders,” the company said. This also puts Binance back in the focus of the ailing crypto service provider. As the portal “CoinDesk” reports, citing a person familiar with the situation, they want to court Voyager Digital again. However, the possible purchase price has not yet been made public. According to information from the “Wall Street Journal”, Zhao offered 50 million US dollars for the bankrupt crypto lender in September – and thus significantly less than Bankman-Fried.
Also Wave again among the interested parties
However, Binance is not alone with the second attempt. Financial software developer Wave Finance is also still interested in Voyager Digital, according to an unnamed source. A spokesman for Wave told Cointelegraph in September that it offered slightly less to buy than FTX. Although there were other offers that were also better, they were “passed over in favor of pure cash offers”. In addition, the Wave spokesman emphasized that the software company’s offer was the only one that retained the Voyager brand name and included a relaunch of the trading platform.
So if Wave Financial sticks to its initial bid from September, Binance will have to step up the bidding war to prevail against the interested party.
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