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As Coinbase pulls out, players like Binance and FTX race to acquire the assets of bankrupt Voyager Digital

According to persons acquainted with the situation, several of the major companies in the field, including exchanges Binance and FTX, are interested in buying Voyager Digital, the lender whose bankruptcy intensified last year’s crypto market turmoil. American exchange Coinbase (COIN) considered a transaction but withdrew, according to one source.

At least 22 investors have conducted due diligence and shown interest in competing for Voyager’s assets, according to a presentation by the company’s lawyers earlier this month, so Binance, FTX, and Coinbase are probably not the only bidders.

Voyager’s bankruptcy case is being used to conduct an auction of its assets, and the deadline for bids is September 6. If an auction is required to choose a winner, it will take place on September 29. Following the story’s publication on CoinDesk, voyager (VGX), the native coin of Voyager Digital, increased by more than 40%, according to CoinMarketCap.

Industry insiders have heard that Binance, the biggest cryptocurrency exchange in the world, is interested in buying Voyager. One person commented, “Binance is thrilled and pursuing hard.” A second individual claimed that the exchange is “pushing hard on purchasing into institutional.”

According to a person with intimate knowledge of the cryptocurrency exchange’s plans, FTX, which made a public offer last month that Voyager’s attorneys rejected, is still in the race.

A spokeswoman for Binance stated, “We have a policy to only reveal agreements when they are finalised and cannot confirm or deny any possible deals. Binance CEO Changpeng Zhao stated that Voyager and Celsius Network, another cryptocurrency lender facing bankruptcy, had contacted his business to explore selling assets in an interview with the New York Times that was published last week. In the interview, he stated, “Our staff is participating in all of those dialogues.”

A representative for FTX declined to comment.

A possible cooperation between Coinbase and Callaway Capital Management, a company located in Washington, D.C. that specialised in distressed properties, was the shape that Coinbase’s engagement took. According to a person with direct knowledge of the company’s thinking, Coinbase, the largest U.S. crypto exchange, looked into a potential restructuring plan for Voyager but abandoned it after finding that “the financials don’t make up.”

News Summary:

  • As Coinbase pulls out, players like Binance and FTX race to acquire the assets of bankrupt Voyager Digital
  • Check all news and articles from the latest Business news updates.

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