According to reports, the cryptocurrency exchange CrossTower Inc., which is now competing for Voyager Digital’s assets, is also looking to buy other crypto companies.
CrossTower CEO Kapil Rathi stated in a Nov. 24 Bloomberg article that despite the current bear market, the company is looking to acquire businesses with a good customer base and balance sheet. He added that the company is in a great place to acquire entities who have a good set of customers with them and a good balance sheet so we are openly looking at different types of companies from an organic growth perspective.
Along with FTX and Binance, CrossTower was one of the firms reportedly vying to acquire the assets of the insolvent cryptocurrency lender Voyager Digital in September.
However, with the exchange filing for bankruptcy filing on Nov. 11, Voyager reopened the bidding process and a new revised offer came from CrossTower on the same day.
CrossTower spokesperson told at the time that the firm is working on a revised offer that will benefit the Voyager customers as well as the wider crypto community. The company has always been, and will continue to be, very community-focussed,” a, without specifying an amount.
While CrossTower has still yet to disclose any details on its latest bid for Voyager, president Kristin Boggiano stated that Voyager’s small $3 million FTX investment wouldn’t play a factor in a potential sale for the lending platform.
CrossTower also stated that it has only an insignificant exposure to FTX-related investments.
On Nov. 11, when the exchange filed for bankruptcy, Voyager reopened the bidding process, and CrossTower submitted a fresh, updated offer on the same day.
CrossTower president Kristin Boggiano said that Voyager’s modest $3 million FTX investment wouldn’t play a factor in a prospective sale for the lending platform, despite the fact that the company has yet to provide any information about its most recent proposal for the company.
CrossTower added that it has “limited exposure” to financial investments relating to FTX.
Binance and blockchain-focused venture capital firm Wave Financial, which had previously shown interest in the initial auction for Voyager’s assets in September, are other organizations that are now again in the running to acquire the company’s assets.
According to Boggiano, the company has increased its emphasis on businesses that are extremely transparent and compliance-focused in light of the recent events involving FTX. There’s an opportunity in the market to provide a compliance focused platform and to bring the transparency and trust that people have been hoping for.
Rathi claimed that the trading platform’s willingness to take on risk in order to acquire businesses has leveled off, and the company is aiming to take a slightly more circumspect tack in the near-to medium-term.
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Source: https://www.thecoinrepublic.com/2022/11/26/crosstower-seeking-expansion-of-acquisition-strategy/