Voyager, the crypto lending platform that declared bankruptcy earlier this year, is analyzing offers to buy back its assets from other players in the crypto space. Currently, crypto exchanges Binance and FTX are standing shoulder to shoulder to bid higher and get what’s left of Voyager’s business. The price at which the tenders are rotating, is $50 million (approximately Rs 400). At the time of writing, crypto exchange Binance’s bid is believed to be slightly higher than rival FTX, while the exact figures are unknown.
Headquarters in New Jersey Voyager Digital reached a market capitalization of $3.74 billion (about 29,791 crore) last year, having slipped down the business ladder following the collapse of 3 Arrows Capital (3AC). This dealt a huge blow to Voyager, which has been hit hard by hedge funds. The now bankrupt company has filed a claim of over $650 million (approximately Rs 5,194) against 3AC.
A Voyager property auction was recently held in New York City. The final results will be announced around September 29. However, the announcement may be revealed later, Coindesk reported.
Neither Binance neither FTX commented on their bid.
Back in July, Voyager Digital classified waste an acquisition offer from FTX and its subsidiary Alameda Research, calling it a ‘low bid’.
At the time, Voyager said it would address “any serious proposal” made under its bidding procedure, while the joint offer from Bankman-Fried’s They added that the companies were “designed to create publicity” rather than deliver value to customers.
Several crypto companies have faced challenges this year. Investors in the crypto sector have retreated, due to the recession-like economic environment and low risk appetite.
Cryptocurrency Lenders Celsius network, BlockFiand Vauld met the same fates as Voyager’s, from halting withdrawals to declaring bankruptcy.
