FTX, Binance and CrossTower are racing to buy Voyager digital assets: source

Crypto exchanges FTX, Binance and CrossTower are racing to acquire the bankrupt assets of troubled cryptocurrency lender Voyager Digital, according to people familiar with the matter.

According to details released by former investment banker and angel investor Simon Dixon, the three exchanges are bidding to acquire Voyager Digital, each offering its own terms and conditions for the acquisition.details, it is also post Speaking to Reddit, FTX and Binance each offered about $50 million in cash for Voyager’s assets, although Binance’s dollar amount was higher. The cash amount will be used for “defects and other claims,” ​​the source said.

Under these plans, current Voyager customers will receive a prorated share of crypto assets and Full transition to FTX and Binance platform.

CrossTower, on the other hand, proposes to keep the existing Voyager platform and app, meaning existing customers won’t need to transition to the new platform once the deal is complete. Under the program, clients will also receive a pro-rata share of the assets. The CrossTower acquisition will also allow the exchange to share several years of its revenue with Voyager customers.

Sources who spoke to Dixon also revealed that regulation could play a big role in who wins the auction, as the UK’s Financial Conduct Authority (FCA) recently warned FTX that it was operating without authorization. Meanwhile, in the U.S., CFIUS may be concerned about allowing Binance to acquire Voyager due to national security risks.

related: Voyager digital asset auction set for September 13 rescheduled from August

Voyager Digital files for Chapter 11 bankruptcy In July, more and more centralized financial firms imploded during the bear market. At the time, Voyager explained that the Chapter 11 filing was part of a restructuring plan that would eventually pave the way for customers to regain access to their accounts.