Voyager Crypto News: FTX Outbids Binance to Buy Voyager Digital

09/27/2022By: L, Laura

Voyager Crypto News – FTX Finally Outbids Others

According to the latest Voyager crypto news, cryptocurrency exchange FTX has finally trumped other players to win the assets of bankrupt crypto lending platform Voyager Digital. FTX was in a tough race with crypto exchange Binance as the latter was in the lead last week.

 

According to the statement from Voyager Digital on Monday, September 26, the agreement has been valued at about $1.4 billion. This includes $1.3 billion in value of all cryptocurrencies currently with Voyager Digital as well as $110 million of “additional consideration”.

 

As the bankruptcy process concludes, Voyager Digital customers will be able to transfer these assets to the FTX U.S. platform. The troubled crypto lender said that it will present the purchase agreement to the court next month on October 19.

 

As the crypto market faces huge turbulence this year, FTX chief Sam Bannkman-Fried has been out acquiring some good companies in the market. As per sources, FTX is looking to raise an additional $1 billion in funds. However, FTX has yet to confirm the same.

 

The Crash of Voyager Crypto

By the end of March 2022, Voyager Digital had a total of 3.5 million users and nearly 1.19 million of funded accounts. The trouble started with the collapse of the Terra ecosystem which led to a huge fall of the biggest hedge fund Three Arrows Capital. The exposure of Voyager Digital to 3AC along with heavy withdrawals led to the fall of the crypto lender.

 

In July, Voyager Digital ultimately filed for Chapter 11 bankruptcy. Prior to that, Alameda Research – a trading house affiliated with FTX – tried to acquire Voyager with a revolving credit line, however, the efforts failed.

 

FTX and Alameda Research later also made a joint bid for Voyager Digital, however,  it was called a “low ball” by the crypto lender. Earlier in September, Alameda made a commitment to return $200M Bitcoin and Ether they had borrowed from Voyager Digital.

 

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