Binance is interested in buying Voyager and Genesis assets
Voyager announced the resumption of the bidding process after FTX filed for bankruptcy
17.11.2022 - 10:00
325
2 min
0
Binance.US, the American arm of the world’s largest cryptocurrency exchange, is preparing to bid for bankrupt lending platform Voyager Digital, according to a person familiar with the plans.
A previous auction, which was completed around the end of last September, saw the now defunct FTX emerging as the “white knight,” winning out against rivals Wave Financial and Binance. At the time, CoinDesk had also reported that Binance's bid for the U.S.-based Voyager had been shut out due to national security concerns.
Following FTX’s announcement last week to file for bankruptcy, Voyager said it had reopened the bidding process for the company, and is in active discussions with alternative bidders. Wave Financial and trading platform Cross Tower are reported to be in the running.
Voyager did not return requests for comment by press time.
Voyager's native token VGX jumped as much as 50% after CoinDesk's report was published, at the time of writing VGX was up over 40% at $0.4066.
Thomas Braziel, managing partner at investment firm 507 Capital said matters are complicated by the fact Voyager is going to have a claim against the FTX estate for breach of contract.
“The problem is that the claim is only going to be against FTX US,” said Braziel in an interview. “I worry a lot of the collateral is going to be held in trust. So any cause of action they have could end up being behind all the customers. And the problem is that if customers aren’t going to be made whole, then what’s your unsecured claim going to be worth? It’s going to be worth bupkis.”
Earlier this week, Binance CEO Changpeng “CZ” Zhao said his exchange is setting up an industry recovery fund to help rebuild the industry.
“Binance is not looking to be the ‘white knight’ of crypto,” said Binance chief communications officer Patrick Hillmann in a message to CoinDesk. “There are no Luke Skywalkers or Darth Vaders in business. This is a company, with the most to lose as it's market leader, looking around to see where we can help bolster the industry through a black swan event.”
This material is taken from the website coindesk.com.
Useful material?
Market
According to the founder of TRON, the leading US crypto exchange asked for several hundred million dollars for the listing of TRX
Nov 4, 2024
Incidents
The company conducted fictitious trading for six years to inflate the trading volume of tokens of several companies, receiving payment for these services
Nov 1, 2024
Market
1,5 million addresses have already left applications
Oct 31, 2024
Business
The company began investing in bitcoin in 2020, and since then, the value of its securities has risen by 1700%
Oct 30, 2024
Mining
The Deputy Energy Minister explained that in deficit regions, it is impossible to allocate large capacities for industry enterprises until 2030
Oct 30, 2024
Market
Customers will also be able to withdraw funds to bank accounts using cards
Oct 30, 2024