Cryptocurrency exchanges FTX, Binance and CrossTower are competing to amass beleaguered crypto lender Voyager Digital’s belongings out of chapter, in response to insider sources.
In line with particulars printed by former funding banker and angel investor Simon Dixon, the three exchanges are competing in an public sale to amass Voyager Digital, and have every proposed their very own phrases and circumstances for the acquisition. The small print, which have been additionally posted to Reddit, urged that FTX and Binance have every proposed roughly $50 million in money for Voyager’s belongings, although Binance’s greenback quantity is larger. The money quantity would go towards “deficiency and different claims,” the supply mentioned.
IF THEY WANT YOU TO TAKE THE HIT PUSH FOR EQUITY TO FILL THE HOLE: https://t.co/ThslVDktYY – LATEST ON @investvoyager – 3 Bidders Compete in Voyager Digital Public sale With Totally different Approaches to Platform, Upside, Money Consideration
— Simon Dixon (Beware Impersonators) (@SimonDixonTwitt) September 22, 2022
Beneath these plans, present Voyager clients would obtain their professional rata share of crypto belongings and totally transition to the FTX and Binance platforms.
However, CrossTower has proposed maintaining the prevailing Voyager platform and app, which suggests current clients don’t must transition to a brand new platform as soon as the deal is finalized. Beneath this plan, clients would additionally obtain their professional rata shares of belongings. CrossTower’s acquisition plan would additionally see the change share its income with Voyager clients for a number of years.
The sources that spoke with Dixon additionally revealed that regulation may play a major position in who wins the public sale as the UK’s Monetary Conduct Authority, or FCA, lately warned FTX about working with out authorization. In the meantime, in the US, the Committee on International Funding could also be involved about permitting Binance to amass Voyager as a result of nationwide safety dangers.
Voyager Digital filed for Chapter 11 chapter in July, becoming a member of a rising checklist of centralized finance corporations to implode in the course of the bear market. On the time, Voyager defined that the Chapter 11 submitting was a part of a reorganization plan that will ultimately pave the way in which for purchasers to have the ability to reaccess their accounts.