- FTX has acquired the position of the top bidder in reference to Voyager Digital.
- FTX and Wave battled in the last round of the auction.
FTX, a crypto derivatives exchange, is willing to buy the assets of Voyager Digital, the crypto lender who was recently filed for bankruptcy amidst the overall downfall of the crypto industry. In between its bankruptcy, higher offers will come even now in the coming days, as per the person close and aware of this situation.
This week, an auction was organized by the court of bankruptcy for the sale of Voyager’s assets. In the last round, it was a struggle between FTX exchange, founded by Sam Bankman-Fried, and Wave Financial. This company offers early-stage investment, asset management, treasury management, and strategy consulting for the growth of crypto.
The person revealed that the FTX offer was higher than that of Wave, but still, the exact amount is not disclosed to which FTX accepted to pay.
FTX did not quickly reply to an appeal for his statement, while a Wave spokesperson denied to say anything.
The Struggle of FTX and Wave
According to a media report, FTX and Binance were attempting to acquire the bankrupt company. FTX had made a bid for the bankrupt company but eventually got declined in July, giving the reason of a “low-ball bid.” Earlier, the existence of Wave among bidders wasn’t disclosed.
An agreement for Voyager can bring a comparably clean end to one of the most distressing stories from a horrible year for crypto.
After crypto prices drowned, Voyager, at the start of July, secured clients from withdrawing their funds. Its customers then became company shareholders in bankruptcy court, mandated to get in agreement with mature restructuring lawyers and financiers as new members in a potentially strenuous process to get their money back.
Dissimilar to conventional banks, the collapse of Voyager did not provoke government-backed deposit insurance that makes the majority of bank customers complete, which subsequently amazed some Voyager clients.
An acquisition would not put a break on Voyager’s Chapter 11 case. U.S. bankruptcy regulation. Still, gives freedom to sell assets so bothered firms can increase how much money they can get back to repay their shareholders.